LISTED FOOD FIRM PUSHES COCONUT WATER BRAND

Century Pacific Food, Inc. (CNPF), one of the country’s leading food companies, has agreed to extend and expand its long-term agreement as original equipment manufacturer (OEM) for Vita Coco, the world’s leading coconut water brand, as it gears up for a major expansion of its coconut business.

The multi-year contract valued at more than USD165 million reinforces CNPF’s position as the leading coconut water exporter from the Philippines and one of the largest suppliers for Vita Coco globally.

“The extension of our long term agreement with the global leader in packaged coconut water is proof positive that both parties are fully confident that, together, we will continue on the growth trajectory we have seen over the last few years into the foreseeable future,” Noel Tempongko, vice-president and general manager of Century Pacific’s coconut business, said in a statement Wednesday.

In 2021, CNPF is set to embark on a major expansion of its coconut business, increasing manufacturing capacity with an additional investment of PHP300 million to address the growing global demand for high-value coconut products.

This comes at a time when product health and safety continue to be top of mind among consumers amid the ongoing coronavirus disease 2019 (COVID-19) pandemic.

“In addition to the future business potential, we are honored to sign this agreement with Vita Coco because of the many corporate values we share. These include our desire to provide better nourishment for consumers, pursue continuous improvement in the manufacturing process, and further support local coconut farming communities,” Tempongko said.

The expanded deal between CNPF and Vita Coco is expected to benefit the many coconut farmers of Mindanao, where the company’s coconut factory is located and sources its main raw materials.

Said farmers will be guaranteed market access for their products over the next few years, providing additional income to thousands of families in the area.