President Ferdinand ‘Bongbong’ Marcos Jr. on Tuesday welcomed the plan of Thailand conglomerate Charoen Pokphand Group (CP Group) to invest about US$2.5 billion in order to help the Philippines in boosting the technological development of the agriculture sector.
The CP Group, led by its chairman Soopakij Chearavanont, paid a visit to Marcos in Malacañang Palace in Manila and told him about their investment plan, according to Presidential Communication Office (PCO) Secretary Cheloy Garafil.
Of the US$2.5 billion, Garfail said CP Group is planning to invest US$1.3 billion for swine, US$280 million for poultry, US$800 million for shrimp and US$120 million for food.
The PCO Secretary also said that during the discussion, the Bangkok-based business requested assistance from the Marcos administration in locating suitable land encompassing around 400 hectares for shrimp production and 300 hectares for swine and poultry production.
In addition, the group also declared its aspiration to bring "state-of-the-art technology" in the country to satisfy the entire upstream and downstream raw material chain — from raw resources to finished goods for the market as well as future exports.
“We’re very impressed with the new technologies that you use. I remember you told me that each plant farm you build is different from the last one because you immediately incorporate and adopt new techniques in technology,” Marcos told CP Group.
The President vowed to maintain the pace in agriculture and to carry forward with the process of system consolidation.
“That’s why now we’re trying to catch up. So yes, we, I’m sure we can. I’m sure that there has to be a way… to get all the lessons that have been learned by not only you, but everyone around the world,” he said.
The CP group executives first met Marcos during his state visit to Thailand in November 2022.
