U.S. soft drink giant PepsiCo said it will cut down advertising its products to children.

London's Financial Times reported the maker of Pepsi cola and snacks has decided to self-regulate as the number of obese children continues to grow in the U.S. and Europe.

The financial daily said PepsiCo will no longer advertise its cola drink to children under 12 years of age, or try to sell its Cheetos chips to those under the age of eight.

"Our intent is not to just beat our chests and try to take credit for what we're doing ... we're just quietly doing it because it's the right thing to do," said Irene Rosenfeld, the chief executive of the company's snacks unit Frito-Lay North America..