The Department of Trade and Industry said Coca-Cola FEMSA was set to invest $1 billion in the Philippines over the next five years with the aim of expanding its supply chain and operations in the country.
The announcement was made after DTI Secretary Ramon Lopez met with Coca-Cola FEMSA director general and CEO John A. Santa Maria during launching of “Trabaho, Negosyo at Kabuhayan-Employment and Livelihood Summit” in Taguig City on Thursday, December 1.
DTI added that Santa Maria previously met with President Duterte at the sidelines of the Asia-Pacific Economic Cooperation (APEC) meeting in Lima, Peru last November.
FEMSA is a Mexico-based company and considered as the largest franchise bottler of Coca-Cola products in the world, serving around 314 million consumers.
Data from its website says the company started its business in the country last January 2013 upon acquiring the 51% of Coca-Cola Bottlers Philippines, Incorporated from the Coca-Cola Company.
At present, FEMSA is operating with 19 plants, 54 sales offices and 10,000 workers in the country.
“Gearing towards long-term investment and placing strong investor confidence in the Duterte administration, Coca-Cola FEMSA’s capital infusion will go towards expanding and strengthening the company’s supply chain and commercial footprint throughout the country, therefore generating substantial employment and creating more micro-business opportunities,” the DTI said in a statement to the media on Thursday.
The agency added that the objectives of Coca-Cola FEMSA’s new commitment are in line with the government’s poverty alleviation and inclusive growth agenda.