Coca-Cola Co. (KO) said Tuesday it will invest $1 billion in the Philippines over the next five years to expand production, distribution and development of its new products.
“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 Coca-Cola Pacific Group President Glenn Jordan, in a statement.
The commitment was conveyed by Jordan directly to the President of the Philippines, Benigno Aquino, Jr., during a meeting in New York while President Aquino, Jr. was in the U.S. to attend the UN General Assembly and to attract foreign investors to the Philippines.
The world’s largest beverage company, which last year announced plans to invest a total of $ 27 billion in developing countries over the next decade, also said that is now building a large bottling facility in the nation at Misamis Oriental. The plant is set to open next year and will be one of the biggest in the region.
Coca-Cola shares gained 38 cents, or 0.65% to $58.98 at 9:46 am ET in NYSE trading. KO closed Monday at $58.60.