Cargill plans to invest $235 million in the Philippines to grow its business in the country in the next two years, the company said.
The investment will drive the expansion of the company’s animal feed and nutrition unit and agricultural supply chain businesses.
It will also support C-Joy, Cargill’s joint venture with Jollibee Foods to process chicken for domestic consumption.
The announcement comes the same week as Cargill revealed a $70 million spend in Thailand over the next two years to address the increase in global demand for seafood and poultry.
Cargill will expand its cooked poultry facility in Nakornratchasima and upgrade and refurbish an aqua feed production plant located in Petchaburi.
The investment into the poultry business reflects its importance to Cargill, which makes up nearly 80% of the company’s operations in Thailand, with exports to more than 28 countries.
Speaking of the Philippines investment, Cargill 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.
“We are grateful for our partnership with the Philippines government as they welcome investments that enable Cargill to grow alongside the Filipino people and the local economy.”
Cargill has also announced a $130,000 contribution to support the Inclusive Business Capacity Building Fund to help Filipino farmers become more successful.
MacLennan 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 programme also focuses on advancing women in agriculture.”
Cargill employs 2,200 employees at 27 locations in the Philippines.
© FoodBev Media Ltd 2019
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