MANILA — Beverage company Coca-Cola is planning to invest $1 billion as part of its expansion plans in the Philippines, Malacañang announced Tuesday.

In a release, the Presidential Communications Office said the multinational firm is eyeing to invest $1 billion in the next 5 years in a bid to boost its operations in the country.

President Ferdinand Marcos Jr. welcomed Coca-Cola's expansion plans in a meeting with the company's top executives in Malacañang, saying it was "very encouraging."

"I am sure to the success simply because we have the markets here, growing...our population is relatively young," he added, according to the release.

Marcos met with Aboitiz Equity Ventures Inc. President and CEO Sabin Aboitiz, Coca-Cola Europacific Partners chairperson Sol Daurella Comadrán, and Carles Villarubi Carrio.

Coca-Cola's Comadrán said the company is confident in the business climate in the Philippines, noting it is currently building a new plant in Tarlac.

The company has 9,000 direct employees and an estimated 100,000 indirect employees, Comadrán said.

In November 2023, Aboitiz Equity Ventures entered a $1.8-billion definitive agreement with Coca-Cola Europacific Partners to jointly acquire Coca-Cola Beverages Philippines, Inc.

In January this year, the Philippine Competition Commission cleared the joint acquisition.

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