3 Thailand firms to expand investments in Phl

BANGKOK, Thailand (via PLDT) – Three of the biggest companies here vowed to expand their investments in the Philippines, among them in power generation, agriculture and energy, a Palace official said late Thursday here.

Business executives of prominent business companies Charoen Pokphand (CP) Group, Siam Cement Group (SCG), and Petroleum Authority of Thailand (PTT) Public Company Limited expressed interest in pouring more investments to Manila.

This was confirmed to Manila-based reporters by Secretary Ricky Carandang, who joined President Aquino in his meetings with the executives, along with Secretaries Cesar Purisima of Finance, Greg Domingo of Trade and Industry and Albert del Rosario of Foreign Affairs.

“The CP group wants to expand their agricultural business, particularly hog raising since there is no foot-and-mouth disease in the Philippines. Siam cement also wants to expand. They own Mariwasa tiles. They are looking also at power,” he said in a text message.

For its part, PTT – which owns gas stations in the Philippines but is just a small player – expressed interest in helping the Philippine government in its LPG supply for taxicabs, but is also open to compressed natural gas that some buses in Metro Manila use.

Philippine Ambassador to Thailand Linglingay Lacanlale said many of the biggest firms in this country are now into food and energy, among other businesses, and noted that Dusit Thani Hotel in Makati City is one of its biggest investments in Manila.

She said the primary purpose of the President’s visit is to maintain the good relations or even in fact to strengthen the overall relations between Thailand and the Philippines.

Shortly after his arrival, Aquino met leaders of the CP group led by its chairman and chief executive officer Dhanin Chearavanont, president and CEO of CP Foods PLC Adirek Sripratak and senior vice president CP Foods PLC Pinij Kungvankij.

Aquino also met with Siam Cement Group (SCG) president and CEO Kan Trakulhoon, SCG vice president for finance and investment Chaovalit Ekabut, vice president for corporate administration Aree Chavalitcheewingul, SCG Paper president Roongrote Rangsiyopash, SCG Building Materials president Pichit Maipoom and corporate planning director Bunn Ksemsup.

The President, along with some members of the Philippine delegation, also met with PTT Public Company president Prasert Bunsumpun, executive vice president Chavalit Punthong and senior vice president Sarun Rungkasiri.Founded in 1921 by the Chia brothers, the CP Group is currently one of Asia’s leading conglomerates, with businesses and affiliates operating within the agribusiness, retail and telecommunications markets.

It currently employs over 250,000 people. In 2009, CP group’s sales were recorded at $18 billion. SCG – Thailand’s top company for the third consecutive year according to the Asian Wall Street Journal – was established nearly 100 years ago following a Royal Decree of His Majesty King Rama VI, as a means to eliminate reliance on imports of cement, as well as taking full advantage of the natural resources available in the country. On the other hand, the PTT was established on 1978 during the second oil crisis.