Nestle to invest US$43m for plant in Philippines

[MANILA] Swiss food giant Nestle said Tuesday it would spend two billion pesos (S$57 million) in the Philippines on a plant to produce a key ingredient for its Milo beverage.

Nestle Philippines chairman Jacques Reber said the plant, due to be completed in October 2017, would produce a malt extract currently imported from Singapore.

Eventually the new plant will provide the local supply, possibly using Philippine-grown cassava which in turn will help Filipino farmers, Nestle said in a statement.

Nestle already has five plants in the Philippines and has invested almost 14 billion pesos in the country over the last five years, the company said.

AFP