By Prince Golez
President Ferdinand Marcos Jr. has secured a P4.7 billion investment from Unilever, a British multinational consumer goods company that is automating and digitizing its operations in the Philippines.
During a meeting on the sidelines of the ASEAN-EU Commemorative Summit in Brussels Wednesday, Unilever officials, led by Matt Close, president of the global business group, said the multibillion-peso investment demonstrates the company’s commitment to the Philippines, one of its key investment destinations.
Unilever officials stated that they have invested heavily in their Philippine factories over the last three years, with a focus on using renewable energy and ensuring sustainability.
Despite issues with energy and labor, Unilever said that it would recoup its losses through automation and digital transformation, areas in which Filipinos excel.
For his part, Marcos Jr. thanked Unilever for its strong commitment to the Philippines, saying that it’s encouraging to see that trend continuing.
“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,” the President said.
He was referring to legislation and policy decisions such as the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law, which will allow companies to provide competitive incentives.
Another measure is the elimination of foreign ownership restrictions on ventures aimed at harnessing renewable energy sources, which were previously capped at 40 percent.
Forging strong partnerships, according to the Marcos Jr., is one of the administration’s policies, with a focus on public-private partnerships, joint ventures, and other types of tie-ups to encourage investment in the Philippines.
He added that he wished to meet with Unilever officials in order to listen to them and assess policy directions that would facilitate the company’s investment.
It complements the chief executive’s goal of attracting more foreign investment to help the country’s manufacturing sector, which has a large domestic market.
