July 27, 2010
CP group to invest US$45M in the Philippine animal feed sector
Thai conglomerate CP Group is investing US$45 million in the Philippine animal feed industry, the Department of Foreign Affairs said in a statement Monday (July 26).
This was according to Philippine Ambassador to Thailand Linglingay Lacanlale after a meeting with Pinij Kungvankij, senior vice president of Charoen Pokphand Foods.
Kungvankij said the investment is set to bring technologies in the country that helped Thailand the biggest exporter of white shrimp in the world.
Charoen Pokphand Foods is the flagship of the CP Group.
CP Group has set up Charoen Pokphand Foods Philippines Corporation to put up feed mills that will manufacture shrimp and fish feeds for the Philippine market.
The group also plans to set up pig farms and hog feed manufacturing facilities.
The Board of Investments has already approved the incentives for the CP Group, the statement said.
The DFA said construction of the company's facilities is expected to start this year.