Thai firm to invest US$1.5B in mega farm in Philippines

MORE INVESTMENTS. President Ferdinand R. Marcos Jr. meets with Thailand conglomerate Charoen Pokphand Group (CP Group) Chairperson Soopakij “Chris” Chearavanont at the Laperal Mansion at Malacañang on Tuesday (July 30, 2024). The President said the Thai conglomerate plans to expand its business in the Philippines, pledging an additional USD1.5 billion dollar investment in the agriculture sector. (Photo from Bongbong Marcos Facebook)

MANILA – President Ferdinand R. Marcos Jr. thanked Thailand conglomerate Charoen Pokphand Group (CP Group) for its plan to invest some USD1.5 billion (around PHP87.5 billion) to help boost the Philippines' agriculture sector.

In a social media post, Marcos said he had met with CP Group Chairperson Soopakij “Chris” Chearavanont on Tuesday at the Laperal Mansion at Malacañang to “discuss agriculture projects, among other topics.”

He said the Thai conglomerate committed an additional USD1.5 billion in investments to the country, starting with a 10,000-hectare modernized mega farm.

“Our meetings at the sidelines of APEC in Bangkok in 2022 and at Malacañan Palace in May 2023 have proven to be meaningful and productive,” Marcos said.

No further information on the modernized mega farm was made available as of posting time.

In May last year, the President announced CP Group’s plan to invest about USD2.5 billion (PHP140.8 billion) in the country following his meeting with the company’s officials at Malacañang.

CP Group executives first met with Marcos during his November 2022 visit to Thailand.

A leading holding company in Thailand, CP Group holds investments in 21 countries and economies worldwide, operating through more than 200 subsidiaries, and employing more than 300,000 people.

It operates across eight business lines – agro-industry and food; retail and distribution; media and telecommunications; e-commerce and digital; property development; automotive and industrial products; pharmaceuticals; and finance and investment.

Marcos said he is pleased with CP Group’s planned expansion in the Philippines, even referring to the conglomerate’s chair as his friend.

“I am very pleased with his plans and commitment to expand their business operations here in the Philippines. I extend my best wishes to my friend Chris, the CP Group and their Philippine partners for continued success,” he said. (PNA)