Coca-Cola FEMSA reaffirms USD1-B expansion in PHL

MANILA — Coca-Cola FEMSA has reaffirmed its USD1.0 billion investment in the Philippines in the next five years.

During the “Trabaho, Negosyo, at Kabuhayan-Employment and Livelihood Summit” on Thursday, Trade Secretary Ramon Lopez met with Coca-Cola FEMSA director general and CEO John Santa Maria who shared the investment plans here.

Santa Maria had his meeting with President Rodrigo Duterte in Lima, Peru on the sidelines of the Asia-Pacific Economic Cooperation Economic Leaders’ Meeting last month.

“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 Department of Trade and Industry (DTI) stated.

“Objectives of this new commitment are in line with the government’s poverty alleviation and inclusive growth agenda,” it added.

In a previous report, the Mexico-based firm partnered with Atlanta-based Coca-Cola Co. for a USD1.2 billion investment until 2020 to boost its distribution and operation in the country.