By Jenniffer B. Austria

Government of Singapore Investments Corp. Pte Ltd. has acquired an 11 percent interest in soft drink maker Pepsi-Cola Products Philippines Inc.

Pepsi-Cola said in a report filed with the Philippine Stock Exchange that GIC purchased 410.189 million shares in the local stock market from Jan. 5 to 28. at a price ranging from P0.84 to P0.91 per share.

GIC is a global investment management firm, which the Singaporean government established in 1981 to manage the island state’s foreign reserves. With a network of seven offices in key financial capitals around the world, GIC invests in equities, fixed income, foreign exchange, commodities, money markets, alternative investments, real estate and private equity, according to the company’s Web site.

Pepsi-Cola is the licensed bottler of PepsiCo Inc. beverages in the Philippines. It produces a range of carbonated and non-carbonated beverages and distributes them to retail outlets throughout the Philippines. The company’s portfolio of products consists of cola and flavored carbonated beverages, including low-calorie derivatives, as well as juices, iced teas, sports and energy drinks.

The company reported a decline in margins in fiscal year ending June 2008 because of the adverse weather conditions during the peak selling months and increased competition.

Revenues were driven by a 20 percent growth in non-carbonated drinks in keeping with the increasing consumer preference for beverages associated with health and wellness.