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Thailand’s CP Group pledges additional investments in PH
THAI conglomerate CP Group has pledged to make additional investments in the Philippines in aquaculture, rice, and swine production, following a meeting with President Ferdinand R. Marcos Jr. in Bangkok, Thailand.
During a dinner meeting Wednesday, CP Group officials expressed interest in collaborating with the Philippines in swine, rice, corn and aquaculture, as well as the development of the value chain of those industries to link them to local consumers.
CP Group is Thailand’s largest private company with a $2 billion investment in the Philippines.
The largest and the most significant Thai investment in Philippine Agriculture is Charoen Pokphand Foods Philippines Corporation (CPFPC), a subsidiary of Charoen Pokphand Foods Public Company Limited (CPF).
CPFPC (Agriculture) started operations in the Philippines in May 2010 with a rented feeds mill located in Guiguinto, Bulacan. In 2012, the company made additional investments in aquaculture and agro-business in the country.
Aside from shrimp and fish hatchery farms, the company has built one of the most modern aquaculture feed mills in Bataan. The feed mill produces feeds for Tilapia, Catfish, Milkfish, and also shrimp feeds for Vanamei and Manodon.
President Ferdinand R. Marcos Jr. pledged to improve the aquaculture industry in the Philippines, which he said is significant to achieving food security, especially since fishing serves as an important livelihood for Filipinos.
The President made this remark in his meeting with Aboitiz Group president and CEO and APEC Business Advisory Council (ABAC) PH member Sabin Aboitiz and company upon his arrival to Thailand on Wednesday, where he sought to increase partnerships and woo investments.
“[Aquaculture] is an area where the Philippines can do well… So that’s something that we are not doing a lot, and I really feel that we are missing an opportunity because we are a country with over 7,000 islands. I am sure that there are many places that are suitable for this kind of operation,” the President said.
“I think the timing is correct. There are many opportunities. I suppose the most important thing is that we are able to forecast a little bit, which direction the economy is going and how we in the Philippines or any other country position themselves to take full advantage of the new post-pandemic global economy,” the President pointed out.
Moreover, in his meeting with business executives in Bangkok, the President reiterated that the “centerpiece” of his administration’s bid toward economic transformation is bolstering partnerships between the public and private sectors.
“The economic transformation of the Philippines, the centerpiece is our private and public partnership, and this is something we feel we will need to encourage for the simple reason that it cannot be done just by government,” said the President.
“It’s something that we need to encourage to gain that synergy that we are all looking for as we find our way in the new economy,” he pointed out.
The President earlier reported that as of August this year, the government recorded a total of 74 PPP projects in the pipeline, with a combined estimated cost of P2.25 trillion.
The chief executive stressed that public and private sectors must work together to develop more infrastructure and energy projects, among others, as well as more projects for agriculture – all that will empower and strengthen the economy.