The bottling arm of Coca-Cola in the Philippines has poured in $22 million of new investment in its operations here to support its expansion projects and maintain its labor force in the time of the Covid-19 pandemic.
Coca-Cola Beverages Philippines Inc. (CCBPI) last week announced it is injecting an additional $22 million, or about P1.1 billion, in its business for this year. The new investment will augment the initial $73 million earmarked for the firm’s operations for 2020.
With more than $95 million, or roughly P4.75 billion, in total capital, CCBPI is poised to improve its new production lines spread throughout the archipelago and retain its workers in a period of job uncertainty, according to President and CEO Gareth McGeown.
McGeown said the new investment is the bottler’s way of repaying Filipinos for helping it grow throughout the years. Likewise, the $22 million in additional capital will contribute to efforts to revive the economy and protect as many jobs as possible, he added.
“We remain confident in the Philippine economy, and this additional $22 [million] investment is testament to our faith that the Filipino people can look to a better tomorrow,” McGeown said in a statement.
CCBPI is one of the largest employers in the country with 19 manufacturing plants and over 70 sales and distribution offices. According to the firm, for every direct job it creates at the bottling facilities, seven more are created across its supply chains.
“Our investment in the Philippines is an investment in the Filipino,” McGeown said.
Further, the CCBPI chief called on fellow private firms to coordinate with the government in this period of trying times. Private sector should take the lead in restarting the economy to secure as many as jobs possible, help small enterprises rebuild their livelihoods and, above all, provide employment to displaced workers, McGeown said.
In July Coca-Cola Philippines signed an agreement with two microfinance institutions to initiate a P157-million lending program for small retailers, particularly sari-sari stores and carinderias, whose operations were injured by the health crisis.
In partnership with the Department of Trade and Industry, ASA Philippines Foundation Inc. and Alalay sa Kaunlaran Microfinance Social Development Inc., Coca-Cola Philippines is extending loans to some 15,000 small enterprises. Sari-sari store and carinderia owners can borrow up to P10,000 under the program with a service fee of 0.5 percent at the maximum.
Also, the beverage giant in March reallocated its P150 million of advertising space and budget toward relief and response efforts to affected sectors by Covid-19.