President Marcos on Tuesday, Feb. 27, announced that Coca-Cola is planning a $1 billion expansion in the Philippines in the next five years that can bring about 100,000 jobs to the country’s “relatively young” population.

President Ferdinand 'Bongbong' Marcos Jr. during a meeting with Coca-Cola executives in Malacañang on Monday, Feb. 26, 2024. (Photo from the Presidential Communications Office)

In a Facebook post, the President revealed the expansion plan, saying that the move shows proof of the Philippines’ blooming economy.
 

“Bringing over 100K jobs into the Philippines with Coca-Cola's $1 billion expansion plan!,” he said, adding, “We are thrilled to receive this investment which reflects confidence in our growing market and young consumer base.”
 

Marcos met with Coca-Cola’s top executives—Aboitiz Equity Ventures Inc. (AEV) President and CEO Sabin Aboitiz, Coca-Cola Europacific Partners’ (CCEP) Chairperson Sol Daurella Comadrán, and Carles Villarubi Carrio–in Malacañang on Monday, Feb. 26.
 

The Chief Executive said the planned expansion is “very encouraging” for both sides because the multinational company can also seize the opportunities in the domestic market.
 

“Of course, it’s very encouraging that you have decided to expand your operations here. I can, I am sure to the success simply because we have the markets here, growing, the people are, our population is relatively young, and so they are still very much in your market and I can see how the expansion could work,” he said.
 

During the meeting, Comadrán expressed the company’s confidence in the country’s business climate, and shared that it already has 9,000 direct employees and an estimated 100,000 indirect employees.
 

“We generate 100,000 plus (employees) throughout the distribution, through our supplies, etc. And we’re very enthusiastic and we see, we need to invest in the Philippines, invest to grow the business. And in the next five years, we’re planning for US$1 billion investment, and in fact, we’ve even doing a new plant, which we are building in Tarlac,” she told Marcos.
 

However, Coca-Cola’s plan in the Philippines is not limited to plant expansion, because the official stressed that its corporate social responsibility will also focus on operating sustainably by collecting and recycling plastics.
 

The good thing about its operation in the Philippines is that it already has a very significant returnable glass bottle business, Comadrán added.
 

The planned expansion came after CCEP Aboitiz Beverages Philippines Inc. (CABPI) was incorporated in December 2023, with CCEP now owning 60 percent of the company while the remaining 40 percent is still under AEV’s.
 

The Philippine Competition Commission (PCC) approved CABPI’s acquisition of Coca-Cola Beverages Philippines, Inc. (CCBPI) last Jan. 30 for an estimated $1.8 billion.
 

CCBPI is the bottling arm of Coca-Cola in the Philippines engaged in the manufacturing, production, sale, and trade of both non-alcoholic and alcoholic beverages with 17 brands, including Coke, Royal, Sprite, Wilkins, Viva, and Nutri Boost.
 

The acquisition builds on CCEP’s successful expansion in the Asia-Pacific region as it made CCBPI the exclusive bottler and distributor of Coca-Cola products in the Philippines, which in turn makes CCEP the world’s largest Coca-Cola bottler both by revenue and volume.