US beverage giant Coca-Cola will invest $1bn in its business operations in the Philippines, the President’s Office announced on Tuesday.

The announcement comes after top executives from Aboitiz Equity Ventures (AEV) and CCEP met with Filipino President Ferdinand Marcos Jr.

According to GlobalData’s Just Drinks, in December 2023, AEV and CCEP-incorporated CCEP Aboitiz Beverages Philippines announced plans to acquire all the shares in Coca-Cola Beverages Philippines. Under the new agreement, AEV will hold a 40% stake in the new joint venture, with CCEP holding the remaining 60%.

“We are very enthusiastic, and we see that we need to invest in the Philippines, to grow the business, and in the next five years, we are planning a $1bn investment,” said Sol Daurella Comadrán, CCEP chairperson.

Comadrán noted that Coca-Cola currently has 9,000 direct employees in the Philippines, with another 100,000 spread throughout the company’s distribution and supply chains.

Marcos welcomed the announcement, adding: “I am sure of the [joint venture’s] success simply because we have the markets here growing.”

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In an announcement on Tuesday (26 February), CCEP announced the acquisition of Coca-Cola Beverages Philippines. At the same time, CCEP has been rapidly expanding business operations in 31 countries, with its number of employees going up from 23,000 in 2021 to 42,000 in 2023.

The latest moves by Coca-Cola’s subsidiaries comes on the back of recent expansions throughout the Asia-Pacific region. In December 2023, Hindustan Coca-Cola Beverages (HCCB) signed a memorandum of understanding with the Government of the Indian state of Gujarat, whereby it promised to invest Rs3,000 crore ($360m) in a new facility there.

The new plant in Rajkot is expected to begin operations in 2026.

Overall, Coca-Cola remained the most active greenfield investor between the first quarter (Q1) of 2019 and Q3 2023, data gathered by GlobalData’s FDI Projects Database shows. Around 90.9% of Coca-Cola’s investments were in the soft drinks subsector.