Coca Cola commits new investments in the Philippines
Coca Cola has pledged to increased its investments in the country by US$1 billion over five years. This came about after Philippine President Benigno Aquino Jr visited the US for a business mission this month.
- Akron, OH (1888PressRelease) October 08, 2010 - The Coca-Cola Company (NYSE: KO) today renewed its strong commitment to the Philippines with a pledge to increase investments in this important country by US$1 billion over five years. The commitment was conveyed by Coca-Cola Pacific Group President Glenn Jordan directly to the President of the Philippines, Benigno Aquino, Jr., during a meeting in New York while President Aquino, Jr. was in the United States to attend the United Nations General Assembly and to attract foreign investors to the Philippines.
"Our new commitment to invest US$1 billion in our business over five years will strengthen production, distribution and help development of new products to refresh Filipino consumers," said Mr. Jordan following his meeting with President Aquino, Jr.
"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."
During the meeting with President Aquino, Jr., Mr. Jordan shared some of the positive developments of Coca-Cola's operations in The Philippines, including the ongoing construction of a mega bottling facility in Misamis Oriental. The plant, scheduled to begin operations next year, will be one of the largest plants in the region and is expected to generate significant employment opportunities in the area.
Coca-Cola Philippines recorded double digit growth in the first half of 2010, led by its flagship brand Coca-Cola. The Company has also expanded its portfolio of beverages. In the last six months it has launched "Samurai" energy drink and the ready-to-drink tea "Real Leaf" - brewed from 100% whole green tea leaves. In addition, the company will expand its "Minute Maid" brand, which features real pulp and juice.
The Coca-Cola Company - which operates 23 plants and 42 sales offices with over 7,800 direct employees across The Philippines - will focus its new investment on strengthening marketing execution and enhancing system logistics and delivery capabilities in order to better serve the Company's expanding customer and consumer base.
"Part of the new investment will also help expand the reach of our corporate social responsibility initiatives benefitting the local communities. We fully realize that as we grow our business, it is important that local communities grow as well," Mr. Jordan added.
The Coca-Cola Company has built more than 80 Little Red Schoolhouses in remote areas of the Philippines, with the first opening in 1997. More than 40,000 students have since completed their studies at the schools. In addition, and in partnership with the WWF, Coca-Cola supports several environmental programs in the Philippines. A project between the Departments of Health and Education and Coca-Cola aims at minimizing iron deficiency among schools kids through the distribution of a nutritional juice.
Coca-Cola has been present in the Philippines since the start 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. The Philippines bottling operation is among the biggest 10 Coca-Cola bottlers globally.
The Coca-Cola Company is the world's largest beverage company, refreshing consumers with more than 500 sparkling and still brands. Along with Coca-Cola®, recognized as the world's most valuable brand, the Company's portfolio includes 12 other billion dollar brands, including Diet Coke®, Fanta®, Sprite®, Coca-Cola Zero®, vitaminwater®, Powerade®, Minute Maid®, Simply® and Georgia®. Globally, we are the No. 1 provider of sparkling beverages, juices and juice drinks and ready-to-drink teas and coffees. Through the world's largest beverage distribution system, consumers in more than 200 countries enjoy the Company's beverages at a rate of 1.6 billion servings a day. With an enduring commitment to building sustainable communities, our Company is focused on initiatives that protect the environment, conserve resources and enhance the economic development of the communities where we operate.
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