Coca-Cola to invest $1 billion in Philippines

NEW YORK (AP) - Coca-Cola Co. says it will spend $1 billion in the Philippines over the next five years to help develop new products in the fast-growing market.

The world's largest beverage company says its operations in the Philippines have seen strong growth in the first half of 2010.

The company says it will focus its investment on strengthening its marketing and improving its delivery capability in the Philippines.

The investment was announced during a visit of President Benigno Aquino Jr. to New York for a meeting of the United Nations General Assembly.

Coca-Cola employs more than 7,800 people in 23 plants and 42 sales offices in the Philippines.