Century Pacific Food Inc., one of the Philippines’ largest food and beverage companies, said it signed multiple supply deals worth $12.57 million with top Russian firms.
Under separate memoranda of understanding, CNPF 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.
The agreements were among the business deals that were signed during President Rodrigo Duterte’s recently concluded five-day official visit to Russia.
“Russia is an attractive market for us because of its large, increasingly affluent and highly-educated population,” said CNPF chief operating officer Gregory Banzon.
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,” Banzon said.
“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 said.
The Philippines is already the top tuna-exporter to Spain, Germany, and Britain. The country exports 171,452 metric tons of tuna worth $492 million to these three markets each year.
CNPF is 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.