Coca-Cola FEMSA’s exit in PH welcomed by SRA, planters
The recent reacquisition of Atlanta-based The Cola Cola Co. (TCCC) of the 51 percent stake of Coca Cola FEMSA, making it the official operator of the beverage company in the Philippines, was welcomed by the Sugar Regulatory Administration and the Confederation of Sugar Producers (CONFED), the biggest sugar group in the Philippines.
SRA Board Member Dino Yulo, who represent the planters group, said he is “hoping that this will auger well for the industry and we are ready to work together” with Coke Atlanta.
“This will be guarded optimism,” Yulo said, adding that this time around, the agency hopes “there will be more transparency and collaboration between Coke and the sugar industry.”
Francis de la Rama, national president of CONFED, also said the deal will “definitely mend the rift between the sugar producers and Coke under FEMSA”.
To recall, the deal came at a time when Coca Cola FEMSA has been seeking “government intervention” for the “unreliable supply of sugar” in the Philippines.