Coca-Cola Beverages Philippines Inc on Friday said it has allotted an additional $22-million (Php1.1 billion) investment for local operations to fund expansion plans, and to protect and generate jobs during the coronavirus pandemic.
The additional infusion, which will fund new production lines in the Philippines, is on top of the original $73 million (Php3.5 billion) earmarked for the year, CCBPI said in a statement.
It would also augment people development through job protection and job generation, the local bottling arm of Coca-Cola said. The total $95-million investment is "imperative" especially given the challenges posed by the coronavirus pandemic, it said.
“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 Beverages Philippines Inc.
“Our investment in the Philippines is an investment in the Filipino.” The company is operating 19 manufacturing plants, and more than 70 sales and distribution offices in the country. Coca-Cola said it employs more than 10,000 Filipinos.