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Canned food manufacturer Century Pacific Food Inc. of the Po family said Monday it allotted between P4 billion and P5 billion for 2024 capital expenditures to support the expansion of its meat, coconut, pet food businesses.
The group plans to spend $40 million to increase the capacity of coconut processing by 90 million liters to serve the increasing demand from export and domestic business. The agreement is expected to create at least 1,500 quality new jobs and support the growth of the local coconut industry in Mindanao.
“We are cautiously optimistic because there are challenges that appear in the horizon. Inflation continues to linger in the Philippine market so the consumer weakness is still very much felt by our business,” Po said.
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