Thai conglomerate CP Group has pledged to make additional investments in the Philippines in aquaculture, rice, and swine production, following a meeting with Philippine President, Ferdinand R. Marcos Jr. in Bangkok, Thailand.
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.
According to the Philippines’ Office of Press Secretary, CP Group has already invested $2 billion in the Philippines. Charoen Pokphand Foods Philippines Corporation (CPFPC), a subsidiary of Charoen Pokphand Foods Public Company Limited (CPF), rented a feed mill located in Guiguinto, Bulacan in 2010. In 2012, the company made additional investments in aquaculture and agro-business in the country. Aside from shrimp and fish hatchery farms, the company has built one of the most modern aquafeed mills in Bataan. The feed mill produces feeds for tilapia, catfish, milkfish, and also shrimp feeds.
President Ferdinand R. Marcos Jr. pledged to improve the aquaculture industry in the Philippines, which he said is significant to achieving food security. The President made this remark in his meeting with Aboitiz Group president and CEO and APEC Business Advisory Council (ABAC) PH member Sabin Aboitiz and company, where he sought to increase partnerships and woo investments.
“[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.”