MANILA, Philippines —Thai conglomerate Charoen Pokphand (CP) Group has vowed to pour $1.5 billion in additional investments to the Philippines, in a move seen to contribute to efforts to ensure food security in the country.
The commitment was made during a meeting of CP Group chairman Soopakij Chearavanont with President Marcos at the Laperal Mansion in Manila last Tuesday.
“I met Charoen Pokphand Group chairman Soopakij ‘Chris’ Chearavanont yesterday (July 30) to discuss agriculture projects, among other topics. They have committed an additional $1.5 billion in investments to the country, starting with a 10,000-hectare modernized mega farm,” Marcos said in a Facebook post last Wednesday.
“I am very pleased with his plans and commitment to expand their business operations here in the Philippines. I extend my best wishes to my friend Chris, the CP Group and their Philippine partners for continued success,” he added.
Marcos said his meetings on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in 2022 and at Malacañang in May 2023 have proven to be “meaningful and productive.”
During their meeting with Marcos in Bangkok in November 2022, CP Group officials said they are planning to invest in aquaculture, rice, corn and swine production in the Philippines.