Thailand’s CP Group eyes more investments in Philippines

BANGKOK – Thai conglomerate Charoen Pokphand (CP) Group, the largest private firm in Thailand, is eyeing more investments in aquaculture, rice, corn and swine production in the Philippines, Malacañang said yesterday.

In a statement, the Office of the Press Secretary (OPS) said company officials made the pledge during a meeting with President Marcos here.

“CP Group officials expressed interest in collaborating with the Philippines in swine, rice, corn and aquaculture, as well as the development of the value chain of those industries to link them to local consumers,” the OPS said.

CP Group, which has eight business lines covering 14 business groups, has $2 billion worth of investments in the Philippines. The largest Thai investment in Philippine agriculture is Charoen Pokphand Foods Philippines Corp., a subsidiary of Charoen Pokphand Foods Public Co. Ltd. (CPFPC).

According to OPS, CPFPC (Agriculture) started operations in the Philippines in May 2010 with a rented feeds mill in Guiguinto, Bulacan.  The company made additional investments in aquaculture and agro-business in 2012. The company maintains shrimp and fish hatchery farms and has built one of the most modern aquaculture feed mills that produces feeds for tilapia, catfish, milkfish, and shrimp feeds for vanamei and manodon in Bataan.

In the same meeting, Marcos said his administration is seeking joint ventures through public-private partnerships to get the full advantage of the new post-pandemic global economy.

“The centerpiece is our private and public partnership and this is something we feel we will need to encourage for the simple reason that it cannot be done just by government,” Marcos said, admitting that the government cannot achieve economic transformation alone.

According to Marcos, there is still so much potential and space for growth that could be explored with the company’s engagement and cooperation. He also thanked the CP Group for its willingness to continue to invest in the Philippines and recognized its experience and best practices.

Marcos also vowed to improve the Philippines’ aquaculture industry during a meeting with Aboitiz Group chief executive officer and Asia Pacific Economic Cooperation Business Advisory Council Philippines member Sabin Aboitiz and other business executives also last Wednesday.

“Aquaculture is an area where the Philippines can do well… So that’s something that we are not doing a lot, and I really feel that we are missing an opportunity because we are a country with over 7,000 islands. I am sure that there are many places that are suitable for this kind of operation,” the President said.

“I think the timing is correct. There are many opportunities. I suppose the most important thing is that we are able to forecast a little bit, which direction the economy is going and how we in the Philippines or any other country position themselves to take full advantage of the new post-pandemic global economy,” he added.

The President reiterated that private- public partnerships (PPPs) have to be encouraged “to gain that synergy that we are all looking for as we find our way in the new economy.” He pushed for more partnerships in infrastructure, energy and agriculture projects, saying they would strengthen the economy.

As of August this year, the government recorded 74 PPP projects in the pipeline, with a total estimated cost of P2.25 trillion, the OPS said.