COCA-COLA Femsa remains committed to pour in $200 million (P9.955 billion) in its Philippine operations until 2020.
Trade Secretary Ramon M. Lopez told reporters, following the Asia-Pacific Economic Cooperation Summit in Peru, the beverage firm stands by its previous commitment to invest at least $200 million from 2015 to 2020.
“These investments will go toward funding new lines and distribution centers throughout Coca-Cola Femsa’s manufacturing and commercial footprints in the Philippines, therefore, generating substantial employment and creating more micro-business opportunities in the company’s supply chain,” Lopez told reporters on Thursday.
Trade Undersecretary Nora K. Terrado said this was reiterated by Coca-Cola officials in a recent visit to the Philippines.
Coca-Cola officials visited the Philippines in the first half of 2015, pledging to former President Benigno S. Aquino III $1.2 billion (P59.73 billion) in investment from 2015 to 2020.
This is slightly lower than the estimated accumulated investments of $1.5 billion of Coca-Cola in the Philippines from 2010 to 2014.
Coca-Cola operates 19 plants in the Philippines and competes in seven different beverage categories locally.