Century Pacific Food to build P2.6-B coconut processing hub in South Cotabato
Manila, Philippines – Listed food manufacturer Century Pacific Food, Inc. (PSE:CNPF) is building a $45-million (P2.6 billion) coconut processing hub in South Cotabato, its third facility in Mindanao island, it told the stock exchange on Thursday.
The investment is part of a deal with Roxas Sigma Agriventures, Inc. which owns the fully integrated facility in Tupi, South Cotabato. The acquisition will be paid in cash, the listed foodmaker said.
“The transaction was executed through its wholly-owned subsidiary Coco Harvest, Inc. (CHI), marking CNPF’s third coconut processing facility and further strengthening its position in the Philippine coconut industry,” Century Pacific said in a disclosure on Thursday.
“Approximately USD 45 million will be invested to acquire and upgrade the facility, located in Tupi, South Cotabato,” it added.
The latest investment grows the foodmaker’s coconut processing facilities to three. It earlier built two other factories in Mindanao: in General Santos and in Misamis Occidental.
The company – known for its brands Century Tuna, 555, Ligo, Argentina, Birch Tree and Blue Bay, among others - noted rising global demand for coconut products, “underpinned by long-term shifts toward healthier consumption and wellness-oriented lifestyles.”
“As one of the world’s top coconut producers, the Philippines enjoys a competitive edge, with Century Pacific among its emerging players playing in both export and domestic markets,” the company said.
Renewed focus has been given to the coconut industry, with President Ferdinand Marcos, Jr. announcing in his state of the nation address last July more funding for coconut farmers to plant 100 million trees. The US and Europe are major export destinations of coconut products, according to industry data.
