Pasig, Philippines-based Century Pacific Food Inc. has signed multiple deals to supply tuna and sardine products to retailers in Russia, the company announced on Tuesday, 15 October.
Under a separate memoranda of understanding, Century Pacific will sell tuna and sardine products to Magnit Food Retail Chain and Dalimo and LLC Dalpromryba. Details of each deal were not provided.
These were among the 10 business deals worth USD 12.57 million (EUR 11.4 million) that were signed during Philippines President Rodrigo Duterte’s five-day official visit to Russia ending on 5 October.
“Russia is an attractive market for us because of its large, increasingly affluent, and highly educated population,” Century Pacific Chief Operating Officer Gregory Banzon said.
The deals follow accreditation of Century Pacific’s manufacturing plants, allowing the company to meet and service the requirements of established food brands and retailers in Russia, Banzon said.
Banzon added that the supply agreements will help the company build a global consumer base for Century Tuna, its flagship brand.
The deals between Century Pacific and its Russian buyers are proof of the government’s efforts to find new markets for local tuna producers, according to Philippines Cabinet Secretary Karlo Nograles, who accompanied Duterte to Russia.
Nograles said The Philippines exports 171,452 metric tons of tuna worth USD 492 million (EUR 446 million) to its three top markets – Spain, Germany, and Britain – alone each year.
Century Pacific is one of the Philippines' largest exporters of tuna and coconut.
Image courtesy of Century Pacific Food
