Cargill earmarks P12.5B for expansion in PH
American agribusiness giant Cargill is celebrating its 70th anniversary in the Philippines by pouring in P12.5 billion in investments into the country over the next two years.
Cargill, the major supplier of chicken to homegrown fast-food giant Jollibee for its famous “Chickenjoy,” is earmarking for the Philippines the biggest chunk of its investment budget for Southeast Asian countries.
“This investment is very specific to the Philippines,” Cargill CEO and chair Dave MacLennan said in a briefing with reporters.
“This is particularly dramatic because it will essentially double the capital that we have in the country,” he added.
For the next two years, the company will be focusing on helping meet the increased domestic demand for chicken and pork, as well as on the expansion of its animal feed, nutrition and agricultural supply chain businesses.
Cargill Philippines president Philip G. Soliven said part of the investment would be used to expand operations in Visayas and Mindanao. The company currently employs 2,200 personnel across 27 locations in the country.
Last year, Cargill put up two plants in the Philippines: the first animal premix plant in the country (in Bulacan) and the country’s largest poultry processing plant in Batangas, which was built in partnership with Jollibee Foods Corp.
Its assets in the country amounted to P10.4 billion as of 2017—a four-fold increase over the level in the last decade.
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.