Century Pacific Food Inc., one of the Philippines' largest food and beverage companies, has signed multiple deals to supply tuna, sardine, and coconut milk products to top Russian firms.
Under separate memoranda of understanding, Century Pacific agreed to supply tuna and sardine products to Magnit Food Retail Chain, Dalimo, and LLC Dalpromryba. It will also supply coconut milk products to Panasia Impex Co. Ltd.
These were among the business deals worth USD12.57 million that were signed during President Rodrigo Duterte's five-day official visit to Russia early this month.
Russia is an attractive market for us because of its large, increasingly affluent, and highly educated population, CNPF chief operating officer Gregory Banzon said in a statement.
Russia has the sixth-largest economy in the world and a population of 146 million people.
The multiple deals follow accreditation of CNPF's various manufacturing plants, allowing the company to meet and service various requirements of established food brands and retailers in Russia.
The supply agreements will help us build a global consumer base for our flagship brand Century Tuna, which is already gaining traction abroad, and grow as well our emerging coconut milk business, Banzon added,
Cabinet Secretary Karlo Nograles, who joined the Philippine delegation to Russia, said the agreements between Century Pacific and the Russians were proof of the government's efforts to deliver on its commitment to the country's tuna producers to find new markets abroad.
The trip of the President was very productive, and these agreements were one of many that will benefit Philippine business interests, especially those that are based in Mindanao, said the former congressman from Davao.
As a son of Mindanao, I consider this a big win, not just for producers, but for Mindanao as well - the source of 90 percent of tuna produced by our country. This is an industry that creates jobs and annual direct revenues of USD400 million. In General Santos City alone, the industry employs 25,000 workers, Nograles added.
According to Nograles, even before the country's official delegation left for Russia, one of the priorities of the government was to explore business opportunities for the country's growing tuna industry.
The Philippines is already the top tuna-exporter to Spain, Germany and Britain. The country exports 171,452 metric tons of tuna worth USD492 million to these three markets alone each year.
Century Pacific in turn remains one of the country's largest exporters of tuna and coconut products to the world.
It also maintains market leadership in the domestic canned tuna market and is investing in an emerging local coconut business.
Source: Philippines News Agency