Unilever pledges P4.7 billion investment

BRUSSELS – British multinational consumer goods firm Unilever has committed to invest P4.7 billion in the Philippines, a country that it regards as one of its important locations for investments, Malacañang said yesterday.

Unilever officials led by Matt Close, the president of the company’s global business group, informed President Marcos about their plan on the sidelines of the ASEAN-European Union summit here.

The multibillion-peso investment is a proof of Unilever’s commitment to the Philippines, a Palace statement quoted the company officials as saying.

“Unilever officials said that in the last three years, they invested heavily in their Philippine factories, with an eye on using renewable energy and ensuring sustainability,” Garafil said.

“Despite issues on energy and labor, Unilever said it would recoup through automation and digital transformation, where Filipinos excel,” she added.

Marcos also secured investment pledges from Acciona, a Spanish multinational firm specializing in the development and management of infrastructure and renewable energy.

Garafil said Acciona has committed to invest in the Philippines’ renewable energy sector, a plan that coincides with the lifting of the 40 percent equity cap for foreign companies in renewable energy projects.

Acciona officials, led by their chairman Jose Manuel Entrecanales, are also considering Manila as their main hub in Southeast Asia.