MANILA - Coca-Cola FEMSA plans to invest an additional $1 billion in the Philippines "within the next few years" to expand its business, Presidential Spokesman Ernesto Abella said Tuesday.
The expansion includes the purchase of a manufacturing plant in Davao del Sur province from San Miguel Corp. and additional bottling facilities in its Misamis Oriental plant, Abella told reporters.
The company also set aside funds for the rebuilding of its Tacloban City plant, which was destroyed by Super Typhoon Yolanda in 2013, he said.
Coca-Cola has been building its business in the country and has so far invested $1.4 billion since 2010.
It currently operates 19 plants in the Philippines and competes in seven different beverage categories.