GMA hails Coca-Cola decision to expand in RP

President Arroyo welcomed yesterday the decision of The Coca-Cola Company to maintain its operations in the country as well as its plan to expand its investments here.

Neville Isdell, chairman of the board and chief executive officer of the Atlanta-based beverage giant, personally informed the President of his company’s "desire to stay in the Philippines" during a courtesy call at Malacañang yesterday.

According to the President’s Senior Adviser on International Competitiveness Roberto Romulo, Isdell "made a formal commitment regarding their desire to stay here."

Romulo disclosed that the firm would immediately invest in 50,000 units of refrigeration equipment for the company’s cold chain management, which involves hundreds of thousands of outlets nationwide.

He noted that the expansion of Coca-Cola’s operations in the country would result in more employment opportunities for Filipinos.

"He (Isdell) pointed out that there is a multiplier of 10 (meaning) for every person they hire, 10 people become economically benefited from their operations. So it is a very meaningful investment," Romulo said.

The company will also be celebrating its 80 years in the Philippines with the expansion of its Little Red Schoolhouse project to 80 three-classroom schoolhouses from the existing 61 schoolhouses.

"It’s an old project that they would like to continue and expand, especially in the remote areas. It is the company’s commitment to the country," Romulo said.

Last month, The Coca-Cola Company and San Miguel Corp. (SMC) jointly announced the acquisition of SMC’s 65-percent shareholding in Coca-Cola Bottlers Philippines Inc. (CCBPI) for a total transaction cost of $590 million.

With the transaction, The Coca-Cola Company now has full ownership of CCBPI.