Century Pacific Food Inc. looks to spend P2 billion this year as it capitalizes on the growth registered over the past two years amid quarantine restrictions.
This year’s capital spending, however, is lower compared to the P2.5 billion spent last year as the company takes into account the inflationary environment that necessitates belt-tightening measures.
Christopher Po, Century Pacific chairman, said the company is confident of achieving a double digit growth on the topline still despite the inflationary pressure that may see the company raise prices for its goods anew in the remainder of the year.
“We expect this to be supported by a resilient demand, innovations, expansion and strategic price increases,” he said.
Century Pacific has raised prices by mid-single digits on average for different products, according to Po.
“But for the full year, we’ll end increasing on average between mid to high single digits,” Po said.
Po said Century Pacific has “downshifted a bit” on introducing new products and is instead “supporting innovations launched in the last 18 to 24 months.”
