DTI’s Pascual lauds CP Group’s investment worth USD2.5 billion

During the courtesy call of Charoen Pokphand (CP) Group to President Ferdinand R. Marcos, Jr. held in Malacañang Palace on 30 May 2023, Department of Trade and Industry (DTI) Secretary Fred Pascual welcomed with great optimism the plans of CP Group to invest in more than USD2.5 billion worth of technology for the country’s agricultural sector.

During the meeting, Secretary Pascual stated that, “We welcome this potential investment from CP Group as this will boost our economic recovery initiatives, generating more economic activities and employment opportunities for our people. This is an outcome of the President’s visit to Thailand in November last year. There, they have committed to expand their operations in the country, and now it’s happening.”

In 2022, Thailand, where CP Group is based, was the country’s 8th major trading partner, 6th export market, and 7th import supplier. Charoen Pokphand (CP) Group Co., Ltd is primarily dedicated to enhancing and developing the quality of life of the people in Thailand and communities around the world. Their operations in Bangkok involve a wide array of businesses such as agro-industry and food, retail and distribution, telecommunications, e-commerce and digital, pharmaceuticals, finance and investment, automotive and industrial products, and property development.

During the meeting, CP executives and public sector representatives discussed business integration, particularly food, aquaculture, and livestock activities in the Philippines. This is anchored on their pledge to invest in and help improve aquaculture, rice, and swine production in the Philippines in order to support the development of the country’s agrifood value chain.

The Charoen Pokphand Foods Philippines Corporation (CPFPC), a subsidiary of Charoen Pokphand Foods Public Company Limited (CPF) is considered as the most significant Thai investment in Philippine Agriculture. In 2022, a memorandum of agreement was signed by CPF in partnership with the Department of Agriculture (DA) and Landbank of the Philippines (LBP) to support poultry, aquaculture, and hog farming business expansion. Currently, CPFPC has three (3) BOI registrations also focusing on agricultural projects.

In closing, Secretary Pascual conveyed, “With science, technology, and innovation as our core strategy in the country’s industrial transformation, we are excited and optimistic about this investment from CP Group as it will not only bring in new technology in the agricultural sector but at the same time increase the quality of their products and productivity level. We hope that this investment will boost our efforts to integrate the agricultural industry in the global value chain,” Secretary Pascual added.