Coca-Cola invests $22 million in PH
Soft drinks giant Coca-Cola Beverages Philippines Inc., the bottling arm of Coca-Cola in the country, invested additional $22 million or roughly P1.1-billion in the Philippines to support its local operations for 2020.
The additional investment augmented the original $73 million the company has earlier earmarked for the year.
This brings Coca-Cola Philippines’ total investment to the country to around $95 million or approximately P4.75 billion for 2020.
The beverage manufacturer said the incremental capital infusion will go to new production lines to be established throughout the country, as well as people development through job protection and job generation.
It said its capital investment is “imperative” amid the challenges of the pandemic, “especially as we collectively pursue restarting the Philippine economy and uplift Filipino communities amid unprecedented times.”
“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,” said Gareth McGeown, president and CEO of Coca-Cola Philippines.
“Throughout our journey of over a century in the Philippines, Filipinos have helped us grow, and we are as committed as ever to supporting our people, customers, and communities, especially given the challenges we are facing. We are doing what we can to help make sure that the Filipino trait of resilience can shine through,” McGeown said.
The multinational beverage giant is one of the major employers in the country, operating 19 manufacturing plants and over 70 sales and distributions offices.
Citing a study, Coca-Cola Philippines said that every one direct job at the company, it generates seven more across its value chain.
“Our investment in the Philippines is an investment in the Filipino,” McGeown said.
“The government and the private sector have always come together to nurture development in the country—and, given the unprecedented difficulties of the pandemic, private companies like Coca-Cola need to do the best they can to help restart the economy in order to secure and protect as many jobs as possible, to help as many local communities, micro and small businesses rebuild their livelihoods, and, most critically, help displaced workers get back on their feet,” he said.
Coca-Cola Philippines said it is confident of continued excellence in its overall industry performance, not only as a result of continued and sustained investments in its operations, but also through its various programs benefiting Filipino communities, as well as close coordination with and support for stakeholders, partners, and customers.
Mayor Abby Binay has invited Makati-based suppliers of goods and services to register with the city Business Permit and Licensing Office (BPLO) in order to qualify as beneficiaries of incentives being rolled out by the city government to boost and pr...
The Social Security System (SSS) said that mandatory online transaction and checkless disbursements are now being implemented to provide members, employers, pensioners, and beneficiaries/claimants with faster, safer, more convenient, and economical m...
A congressman asked the Bangko Sentral ng Pilipinas (BSP) to mandate lower interest charges for pawnshops during the coronavirus disease (Covid-19) pandemic. In filing House Resolution No. 1212, Cagayan de Oro City Rep. Rufus Rodriguez invoked BSP C...
Do you want to learn more about the challenges and predictions for the gambling industry in the Philippines? Find all answers in this article!