Thailand’s largest agricultural company is set to pour in $2 billion to expand its pork and chicken production in the Philippines in the next five years, Agriculture secretary Emmanuel Piñol said.
Charoen Pokphand Group (CP Group) chairman Dhanin Chearavanont said they decided to invest more in the Philippines because of its distinction as the only country in the whole of Asia which is free from foot and mouth disease (FMD) and avian influenza or bird flu, Piñol said in a statement.
The expansion is expected to generate at least 2,000 jobs, and increase the local demand for corn and soybeans that will be used as part of the company’s feed production, Piñol said.
The CP Group that has been operating in Luzon seeks to put up facilities in Visayas and Mindanao “where the threat of typhoon is less,” the agriculture chief said.
The government has suggested Bukidnon, Sarangani, North Cotabato, Maguindanao, Zamboanga del Norte, Agusan del Sur and Agusan del Norte as the possible sites for the CP Group investments.
In a separate interview, Trade Secretary Ramon Lopez said that in the near term, the CP Group will invest $500 million as part of the $2 billion it is expected to invest in the country.
The multi-billion investment commitment was made during President Rodrigo Duterte’s 2-day visit to Thailand where the chief executive and Cabinet members met with Bangkok’s business sector.
Aside from agricultural investments from the private sector, government-to-government agreementson information exchange concerning best practices in irrigation, livestock and fisheries, and technology for soil and water conservation were also forged between Manila and Bangkok.