Malacañang claims victory in President’s US trip

Atlanta-based Coca-Cola Co. is investing $1 billion for expansion projects in the Philippines, President Gloria Macapagal-Arroyo said yesterday.

No other details were provided but Mrs. Arroyo, who is on a working visit to the United States, said she has secured the commitment from company executives at a meeting at the Waldorf Hotel in New York.

"They have just bought back their plant in the Philippines with this investment," she told members of the Filipino community in New York.

"Today, they also announced their expansion plan that will total, including what they put in since they bought the firm and what they will put up in the next few years, $1 billion in total investment," the President added.

Trade officials were not readily available to give additional information.

Press Secretary Cerge M. Remonde, who is accompanying the President in the US, said the investment pledge proves that the country "continues to enjoy a conducive investment climate due to President Arroyo’s timely reforms and masterful steering of the economy."

The Coca-Cola Co. earlier acquired sole ownership of Coca-Cola Bottlers Philippines, Inc. when it bought out partner San Miguel Corp.’s 65% stake in the bottling firm for $590 million.

Coca-Cola Bottlers Philippines, Inc. is one of the US firm’s top 10 bottlers in the world. It is also one of the country’s top 20 corporations in terms of revenue, with 39 manufacturing facilities and at least 200 sales offices across the country.

President Arroyo also informed the Filipino community of Coca-Cola Bottlers’ corporate social responsibility initiatives, which include among others, its partnership with the Food and Nutrition Research Institute of the Department of Science and Technology to help address iron deficiency anemia in the country by providing malnourished pupils with its product, Nutrijuice, which is fortified with iron, zinc and vitamins A and C.

For the current school year, the company will distribute Nutrijuice to at least 30,000 schoolchildren for 120 feeding days in the provinces of Quirino, Zambales, Palawan, Davao, Bukidnon, and in the cities of Tacloban, Marikina, Taguig and Pasig.

As this developed, Mr. Remonde said President Arroyo also met with Vassils Morfopoulos of Basic International Development Corp., which is planning to invest in the Philippine call center industry.

New York-based hedge fund managers also mentioned various investments prospects in the Philippines, he said.

"They are looking for safe and attractive investments abroad to ensure the growth of the capital entrusted to them. And because of the recent upgrade Moody’s gave us, very rarely during the time of a global crisis, the Philippines is now emerging as an attractive investment destination," he said.