Unilever PH to grow faster than economy, says new CEO

The Philippine unit of consumer goods giant Unilever is looking to increase its revenues this year at a rate faster than the country’s economic growth, driven largely by its core brands in the food and health-care segments.

Unilever Philippines chair and CEO Fredy Ong said this on Monday, indicating that the company’s top line is projected to outpace the country’s gross domestic product (GDP), which is expected to grow by 6.5 percent to 7.5 percent in 2024.

“Unilever Philippines will be counted on globally as one of the countries that will deliver high growth. Our growth has always been above the [GDP]. That’s what I can commit to you,” Ong told reporters during a media roundtable at their headquarters in Taguig.

“What we intend to do is to invest heavily in our core brands. That’s the first thing that we plan to do,” he said, citing brands such as Sunsilk, Creamsilk and Knorr.

The Unilever executive added that they are also focusing on ensuring “brand superiority” and scaling innovation to drive growth.

According to the parent company’s public disclosure, underlying sales growth in its Asia-Pacific-Africa business, which includes the Philippines, grew by 6.5 percent in 2023 with a turnover of 26.2 billion euros (P1.58 trillion).

In the company’s report, growth in the Philippines was described as “broad-based with a mix of price and volume growth.”

Ong added that the Philippines continued to be among Unilever’s top 10 markets, with more than 15,000 employees in this market.

“We remain confident about our prospects for growth in the Philippines and we intend to grow fast and grow responsibly,” Ong said. INQ