Cargill is beefing up investments in south-east Asia, with the Philippines becoming the latest recipient of new funds from the US-based agri-food business.
The company said its planned US$235m investment over the next two years will cater to the increasing demand for chicken and pork products, and reaffirms its commitment to the Philippines, where Cargill has been present for 70 years. The country marked Cargill’s first entry point to markets in the Asia-Pacific region back in 1948.
Cargill has a joint venture in the Philippines with Quezon-based Jollibee Foods Corporation (C-Joy), into which some of the funds will be channelled to support domestic demand for chicken. It will also funnel investment into its animal feed and nutrition business, and agricultural supply chain operations.
Thailand was also a beneficiary this week as Cargill announced a $70m cash injection into the company’s seafood and poultry operations in the country, where the firm has been present for 50 years.
Returning to the Philippines, Minnesota-based Cargill is also contributing $130,000 to the Inclusive Business Capacity Building Fund to help assist Filipino farmers.
“Working closely with the government, our customers, partners and the community, we are helping farmers thrive and are bringing safe and nutritious food to Filipino tables,” said chairman and chief executive Dave MacLennan. “Supporting the Inclusive Business Capacity Building Fund is another way we can help the world build food security. Smallholder farmers are an essential piece of feeding nearly 10 billion people by 2050 and they need all the help they can get to become more productive and profitable.”
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Cargill said C-Joy has also joined the Inclusive Business Model Investment Program, launched by the country’s Board of Investments and aimed at improving the lives of 300 farmers, 30% of whom are women.
The US company employs around 2,200 people in the Philippines spread across 27 different locations.