Thai firm eyes $2.5-B agri investment in PH – Palace

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Metro Manila (CNN Philippines, March 30) – A Bangkok-based business conglomerate will invest $2.5 billion in agricultural technology development in the country for four years, according to Malacañang.

Officials of Charoen Pokphand Group (C.P. Group), led by its chairman Soopakij Chearavanont, made an investment pledge during their courtesy call in Malacañang on Tuesday.

The company’s investment from 2023 to 2027 will cover swine ($1.3 billion), poultry ($280 million), shrimp ($800 million), and food ($120 million) sectors.

President Ferdinand Marcos Jr. said he was impressed by the company and wanted to replicate the “state-of-the-art” technology that it uses.

Marcos, who is also the head of the Department of Agriculture, boasted that the Philippines has the raw materials and a good labor force to complement available technology to boost the value chain in the agriculture sector.

“Even in terms of the ecosystem of agronomists and agriculturists, experts in fisheries, experts in rice, in broiler production… We have many people who are very, very good. It’s the system that we need,” Marcos said.

READ: Fisherfolk, farmers remain poorest in PH – PSA

He said agriculture is not about planting and putting seeds into the ground but research and development and mechanization.

Marcos has faced numerous issues in the agricultural sector during his less than a year in office.

Prices of onions and sugar have suddenly spiked, leading to allegations of smuggling and illegal importation.

This has prompted a Senate probe against agricultural officials involved in a supposed onion and sugar cartel.

The C.P. Group holds investments in 21 countries and economies worldwide.

The company operates across eight business lines, namely 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.