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Sunday, April 14, 2024

Marcos secures P4.7 billion investment from Unilever

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President Ferdinand “Bongbong” R. Marcos, Jr. secured a P4.7 billion investment commitment from multinational consumer goods company Unilever.

The Office of the Press Secretary (OPS) said the investment is part of Unilever’s initiative to boost the efficiency of its production and other operations in the country.  

“Despite issues on energy and labor, Unilever said it would recoup through automation and digital transformation, where Filipinos excel,” the OPS said in a statement. 

The company is also expected to use renewable energy in its already existing local plants. 

Last week, the Department of Foreign Affairs (DFA) announced the investment will also include the construction of a new state-of-the-art factory in Cavite. 

The plant is expected to hire 130 workers. 

“It’s a private investment to be inagurated sometime first quarter of 2023,” OPS Officer-in-Charge Cheloy E. Velicaria-Garafil said.  

The new investment commitment was made during a meeting of Marcos and Unilever officials on the sidelines of the Association of Southeast Asian Nations-European Union (ASEAN-EU) Commemorative Summit in Brussels last Wednesday.

Marcos attributed the new investment to the new economic policies, which were implemented since the previous administration, which made the country a more attractive investment destination. 

Among the said policies, he said is the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law and the removal of foreign ownership restrictions on undertakings aimed at harnessing renewable sources of energy that had been previously capped at 40 percent.

“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.

Image credits: AP/Julia Nikhinson

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