THAI business giant Charoen Pokphand Group (CP Group) announced last Tuesday its plans to invest US$2.5 billion in agricultural technology development in the country.
CP Group officials made the commitment during their meeting with President Ferdinand R. Marcos Jr. in Malacañang last Tuesday.
Under its expansion plans and business integration in the Philippines, the CP Group plans to invest $2.5 billion from 2023 to 2027, covering swine ($1.3 billion), poultry ($280 million), shrimp ($800 million), and food ($120 million).
In November, the CP Group announced plans to increase its existing $2-billion agriculture investments in the Philippines on aquaculture industry, as well as in rice and swine production.
Marcos assured them the government will provide help to the CP Group as it “rolls out its plans and programs,” especially as the country is facing several agriculture-related issues including its aging farmers, emergence of swine and avian flu, among others.
“During the meeting, the company officials requested government assistance in locating suitable land covering 400 hectares for aquaculture [shrimp] and 300 hectares for swine and poultry, including eggs,” the Presidential Communications Office (PCO) said in a statement.
The Thai conglomerate also committed to modernize the local agriculture sector by providing state-of-the-art technology and training on modern farming to young Filipinos.
Marcos hopes this will allow the Philippines to “catch up” with other food exporting countries by boosting the country’s agriculture production.
“We’re very impressed with the new technologies that you use. I remember you told me that each plant farm you build is different from the last one because you immediately incorporate and adopt new techniques in technology,” Marcos said.
“Learning new things and applying new things, that’s the only way I think to compete as well. CP Group has done so well…to be a state-of-the-art company,” he added.
Among those present in the meeting were CP Group chairman Soopakij Chearavanont, CPF Chief Executive Officer (CEO) Prasit Boondoungprasert and other executives from both CP Group and the Charoen Pokphan Foods Public Company Limited (CPF).
The CP group is the largest private company in Thailand, with several affiliates including the CPF and the Charoen Pokphand Foods Philippine Corporation (CPFPC).
Image credits: www.philrice.gov.ph