Mr. Adirek Sripratak, President & CEO of Charoen Pokphand Foods Public Company Limited (CPF) said that the Board of Directors' Meeting approved the establishment of a new subsidiary in the Philippines within the second quarter of this year, namely "CPF Philippines Corporation", to operate agro-industrial businesses, both livestock and aquaculture businesses, in the Philippines. The investment in capital will be 50 million Philippine Peso, or approximately 37 million baht.
"CPF always insists on offering our expertise and potentiality to expand animal breeding in prospective market. With more than 70-million populations, the Philippines is upcoming one. We chose Cebu which is one of the country's economic zone to start our fry shrimp business, so we can encourage our shrimp feed that have been exported to the market for a while. However, we are estimating an opportunity to develop other feed and animal breeding businesses in the future", said Mr. Adirek.
Mr. Adirek also said that CPF has constantly expanded livestock and aquaculture buisinesses overseas to mitigate the Company's risks and develop animal breeding standard in the countries that the Company has invested, so the consumers are able to consume good quality of meat products because the epedemic has been decreased.