Palace: Unilever to invest P4.7B in PH

Metro Manila, December 15 ------ Unilever committed P4.7 billion in investments to the Philippines as the company gears towards automating and digitalizing its operations in the country, Malacañang announced.

President Ferdinand "Bongbong" Marcos Jr. secured this investment during his meeting with European multinational firms on the sidelines of the Association of Southeast Asian Nations-European Union (ASEAN-EU) Commemorative Summit in Belgium. During the meeting, Unilever officials - led by the global business group president Matt Close - pointed to the multibillion-peso investment as "proof of their commitment to the Philippines." Close said they consider the country as one of Unilever's important locations for investments.

Unilever officials added that in the last three years, they invested heavily in their Philippine factories - with an eye on using renewable energy and ensuring sustainability. Despite issues on energy and labor, Unilever said it would recoup through automation and digital transformation where Filipinos excel. "I think that we have a good opportunity with some of the policy measures that have been taken from the previous administration and some of the policy changes that we have made at the beginning of this administration," Marcos said.

The chief executive was referring to the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law, which allows companies to provide competitive incentives, and policies on the removal of certain foreign ownership restrictions. Prior to his trip to Belgium, Marcos revealed that he planned to speak with Belgium's business community and conduct one-on-one meetings with "big corporations, which will be expanding their presence in the Philippines," including Unilever.

In the meeting, Semmaris, which manages the world's largest fresh produce market located in Paris, also revealed plans to develop and operate a wholesale market for fresh products in New Clark City, Tarlac.

Source: cnnphilippines.com