US-based Cargill has announced its plans to invest PHP12.5bn ($235m) in the Philippines to expand its business further over the next two years.
The investment will help the company to meet the growing domestic demand for chicken and pork, as well as offer solutions in important areas of the agricultural supply chain.
The investment will also support the growth of C-Joy, a joint venture between Cargill and Jollibee Foods (JFC), to meet the increasing consumer demand for chicken.
Cargill chairman and CEO Dave MacLennan said: “We are proud to have been in the Philippines since we started our business here 70 years ago. Working closely with the government, our customers, partners and the community, we are helping farmers thrive and are bringing safe and nutritious food to Filipino tables.”
Additionally, the food company plans to provide PHP7m ($130,000) to support the Inclusive Business Capacity Building Fund in order to help Filipino farmers.
MacLennan further added: “Supporting the Inclusive Business Capacity Building Fund is another way we can help the world build food security.
“Smallholder farmers are an essential piece of feeding nearly 10 billion people by 2050 and they need all the help they can get to become more productive and profitable. I am also particularly pleased to see that this program also focuses on advancing women in agriculture.”
The investment also coincides with Cargill’s 70th anniversary in the Philippines. Cargill has 2,200 employees across 27 locations in the Philippines.
The Philippines office is the company’s first office in the Asia Pacific region.
