Century Pacific Food has recently disclosed its plan to invest Pesos 700 million (US$13.4 million) on expanding its coconut facility in Mindanao to meet both domestic and export demand.
VP and General Manager Noel M. Tempongko said, “Investing in our facilities’ expansion is key to support our growth for both the branded and the OEM (original equipment manufacturer) businesses in 2022 and beyond.”
The investment will expand the plant capacity by 50% and construction is expected to be completed by the end of first quarter 2022.
The plant expansion is timely as earlier in 2020, Century Pacific had already signed the extension and expansion of long-term contracts with Malaysia’s Linaco Group and All Market, Inc.’s coconut water brand Vita Coco. Demand for coconuts and coconut products from the Philippines are expected to grow rapidly in the near future. Linaco is a large producer from Malaysia offering high-value coconut products in more than 40 countries. Century has also been manufacturing for Vita Coco for its coconut products including packaged coconut water.
Tempongko said, “The demand for coconut products has dramatically increased in recent years. More and more consumers are now aware of and actively manage their health and wellness every day, and they turn to coconut products, which are intrinsically healthy, to support their lifestyles.”
In 2019, Century Pacific launched its own line of branded coconut products called Coco Mama, comprising of packaged coconut cream, coconut oil, and coconut sugar.
From January to September 2021, Century Pacific net income rose to Pesos 3.98 billion (US$76 million) or 21.4% compared to a year earlier.