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Manila Bulletin devider Philippines devider National devider PBBM seeks fast-growing agro-industry, welcomes Thai investment

PBBM seeks fast-growing agro-industry, welcomes Thai investment

Published May 31, 2023 05:27 am
President Ferdinand "Bongbong" Marcos Jr. said he aspires for the Philippines to have a fast-moving agro-industry as he welcomed the plan of a Bangkok-based business conglomerate to invest some $2.5 billion in agricultural technology development in the country. (https://images.mb.com.ph/production/mb-mkt-neo-prod-1-uploads/Marcos_CP_Group_1fb2e1b0aa/Marcos_CP_Group_1fb2e1b0aa.jfif) *AGRI INVESTMENT - President Marcos meets with officials from Charoen Pokphand Group, a Bangkok-based holding company, in Malacañang on May 30, 2023, to discuss ways to improve the country's agriculture sector. (Malacañang photo)*

Marcos said this after meeting Charoen Pokphand Group (C.P. Group) officials in Malacañang on Tuesday, May 30. In an interview with reporters in Pasay City, the President said he was excited about this development, saying it would help the Philippines "consolidate" the "elements" that it has to improve the value chain. "I'm excited-- I know that we can do this because all the elements that are necessary are here. We have a good workforce, land, good scientists, good agriculturists, and good researchers. We have all the elements but these elements do not seem to be in place right now," he said. "That's what we're trying to do is to put these elements together. And they (C.P. Group) can help us dahil nagawa na nila (because they've already done it). Again, when it comes to-- they are very aggressive when it comes to the new technologies," he added. "That's where we want to be. That's how quickly we want to be moving. That's what we're hoping they could help us with, and they have committed to do so," he continued. During their meeting, C.P. Group officials told President Marcos of their use of new technologies that they have been incorporating to boost the value of the agricultural sector. According to Malacañang, the Bangkok-based conglomerate is planning to invest $2.5 billion from 2023 to 2027, covering swine ($1.3 billion), poultry ($280 million), shrimp ($800 million), and food ($120 million). In November 2022, C.P. Group officials met with President Marcos during his visit to Thailand, during which the company pledged to make additional investments in the Philippines. The C.P. Group officials offered to bring in state-of-the-art technology to fulfill the whole upstream and downstream raw materials up to the finished product for the market and future exports. In a tweet, President Marcos thanked C.P. Group for its investment in improving the country's agriculture sector, particularly food, swine, poultry, and shrimp production. "Inaasahan natin ang higit pang pagtutulungan pagdating sa teknolohiya, pagsusuri, at pamumuhunan (We expect more collaboration in technology, analysis, and investment)," he wrote. The C.P. Group is a leading holding company in Thailand. It invests in 21 countries and economies worldwide, operating through over 200 subsidiaries and employing over 300,000 people. It operates across eight business lines: agro-industry and food; retail and distribution; media and telecommunications; e-commerce and digital; property development; automotive and industrial products; pharmaceuticals; and finance and investment. During the meeting, the company officials requested government assistance locating suitable land covering 400 hectares for aquaculture (shrimp) and 300 hectares for swine and poultry, including eggs.

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