Coca-Cola Co. will invest $1 billion in the
Philippines over the next five years to expand its presence in the
fast-growing market. Coca-Cola, the world's largest beverage company
will focus on boosting marketing and improving its delivery capabilities
in the country. Coca-Cola said its operations in the Philippines have
seen strong growth on the back of several new products during the first
half of 2010.
It marks the second big push this year by Coca-Cola to expand its business in the Asia-Pacific region. In March the company said it would spend $300 million to boost its presence in Malaysia.
It marks the second big push this year by Coca-Cola to expand its business in the Asia-Pacific region. In March the company said it would spend $300 million to boost its presence in Malaysia.
"This investment is a proof point of our
strong commitment to the Philippines, our confidence in the prospects of
the Filipino economy and the continued growth of a broader and more
affluent middle class in the Philippines," said Glenn Jordan, president
of Coca-Cola Pacific Group. The investment
was announced during a visit of Philippines President Benigno Aquino
Jr. to the United Nations General Assembly in New York.
Coca-Cola employs more than 7,800 people in 23
plants and 42 sales offices in the Philippines. It is currently building
a bottling facility in Misamis Oriental that will be one of the largest
plants in the region when it begins operations next year, the company
said.
In the last six months Coca-Cola has launched a new energy drink and a green-tea beverage and said it plans to expand its "Minute Maid" line of pulps and juices.
Coca-Cola has been present in the Philippines since the beginning of the 20th century and has been locally produced since 1912. The Philippines received the first Coca-Cola bottling and distribution franchise outside North America, and its bottling operation is among the 10 biggest Coca-Cola bottlers globally.
In morning trading, shares of the Atlanta-based company slipped 9 cents to $58.69.
In the last six months Coca-Cola has launched a new energy drink and a green-tea beverage and said it plans to expand its "Minute Maid" line of pulps and juices.
Coca-Cola has been present in the Philippines since the beginning of the 20th century and has been locally produced since 1912. The Philippines received the first Coca-Cola bottling and distribution franchise outside North America, and its bottling operation is among the 10 biggest Coca-Cola bottlers globally.
In morning trading, shares of the Atlanta-based company slipped 9 cents to $58.69.