THAI conglomerate Charoen Pokphand Group (CP) has committed to an additional investment of $500 million in the Philippines, a trade official said on Friday.
“In their call to President Rodrigo Duterte, CP commits $500 million in the Philippines, part of their $2 billion expansion plans in the next five years,” Trade Secretary Ramon Lopez told reporters in a Viber message.
The commitment was made during President Duterte’s meeting with Thai business groups when he visited Bangkok on March 22.
“The company is already in Bataan, Pampanga and Tarlac. They want to expand new facilities in Visayas and Mindanao,” Lopez said.
The company is an integrated food conglomerate with businesses in feeds milling to poultry and livestock production using new technology, to ready-to-cook and marinated frozen chicken and pork products, he added.
Lopez said CP’s production models include company-operated farms to contract-growing arrangements that tie up with local growers or partner with entrepreneurs who will build facilities, while the CP leases them for their growing and processing operations.
Charoen Pokphand is diversified company with a presence in 18 countries.