MANILA -- Coca-Cola’s expansion in the Philippines is very encouraging, President Ferdinand R. Marcos Jr. said on Monday, as he welcomed the multinational company’s plan to put up US$1 billion in the next 5 years to increase its operation in the country and seize the opportunities in the domestic market and the country’s large and young consumer pool.

“Of course, it’s very encouraging that you have decided to expand your operations here. I can, I am sure to the success simply because we have the markets here, growing, the people are, our population is relatively young, and so they are still very much in your market and I can see how the expansion could work,” President Marcos said during a meeting in Malacañang with Coca-Cola’s top executives.

Among those who met the President in a courtesy call were Sabin Aboitiz, the Aboitiz Equity Ventures Inc. (AEV) President and CEO and Sol Daurella Comadrán, Coca-Cola Europacific Partners’ (CCEP) Chairperson and Carles Villarubi Carrio.

Noting the company’s confidence in the business climate in the country, Comadrán said CCEP is investing in the Philippines in the next five years, noting that the company has 9,000 direct employees, and an estimated 100,000 indirect employees.

“We generate 100,000 plus (employees) throughout the distribution, through our supplies, etc., etc. And we’re very enthusiastic and we see, we need to invest in the Philippines, invest to grow the business. And in the next five years, we’re planning for US$1 billion investment, and in fact, we’ve even doing a new plant, which we are building in Tarlac,” Comadran told the President.

And as part of Coca-Cola’s corporate social responsibility, it wants to operate sustainably, Comadrán said, underscoring the company’s initiatives toward the collection and recycling of plastics.

But the good thing about its operation in the Philippines is that it already has a very significant returnable glass bottle business, she added.

In December last year, CCEP Aboitiz Beverages Philippines Inc. (CABPI) was incorporated, with the CCEP now owning the 60 percent of the company with the remaining 40 percent under AEV’s control.

The Philippine Competition Commission (PCC) approved CABPI’s acquisition of Coca-Cola Beverages Philippines, Inc. (CCBPI) last January 30, estimated at US$1.8 billion, which is expected to close towards end-February 2024.

CCBPI is the bottling arm of Coca-Cola in the Philippines engaged in the manufacturing, production, sale, and trade of both non-alcoholic and alcoholic beverages with 17 brands including Coke, Royal, Sprite, Wilkins, Viva, and Nutri Boost.

The acquisition builds on CCEP’s successful expansion in the Asia-Pacific region, making CCBPI the exclusive bottler and distributor of Coca-Cola products in the country, which also makes CCEP the world’s largest Coca-Cola bottler both by revenue and volume. (PND)