Investment Philippines: Thai agriculture firm Charoen Pok-phand (CP) Group will be investing ₱1.45 billion in the Philippines and will hire 1,800 more employees while the Siam Cement Group (SCG) said they will infuse an additional P1 billion to expand its operations in the country, the Department of Trade and Industry (DTI) announced yesterday.
CP Group and SCG are just two of the large conglomerates which committed to invest in the Philippines when President Aquino together with some of his cabinet members including Trade Secretary Gregory L. Domingo visited Thailand last month.
CP Foods PLC president and CEO Adirek Sripratak expressed their commitment to further invest and introduce technology to aid the Filipino farmers. The CP Group intends to pour in P 1.45 billion worth of investment in the agribusiness and food industry. CP will go into shrimp and fish farming, shrimp and fish hatchery operations, feed milling, poultry and hog raising. The Group will also increase its Filipino workforce from 200 to 2,000 by 2012.
The other firm that met with the Philippine contingent was PTT Public Co, Ltd. (PCL). With the aim of promoting medical tourism in the country, the President and his economic team also met with the executives of Bumrungrad Hospital, Asia's biggest private hospital group and leader in medical tourism.
Similarly, the meeting with the SCG centered on their expansion plans in the Philippines. SCG President and CEO Kan Trakulhoon mentioned that they could bring in the "dry cement manufacturing technology" which is more efficient and environmentally friendly. Kan also pointed out that SCG is currently focusing on value added products and the expansion of its operations in ASEAN countries as part of their company's strategy. The SCG is one of the biggest foreign investors in the Philippines with more than $200 million investments, according to Kan.
Kan also said that they own several companies in the Philippines engaged in manufacturing activities such as kraft paper (United Pulp and Paper Co.), concrete roof tiles (CPAC Mornier Philippines), ceramic tiles and bathroom fixtures (Mariwasa Manufacturing Inc.).
"Mariwasa in the Philippines is already running on full capacity and there are plans to expand the facilities of Mariwasa," Kan said. The company also plans to put up a P1-billion box plant to support their kraft paper manufacturing business in the Philippines.
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