LISTED food and beverage manufacturer Century Pacific Food, Inc. (CNPF) is maintaining its target of double-digit growth in revenue and profit this year, even as its export business has begun to feel the impact of tariffs imposed by the United States.
“Looking ahead, we remain cautiously optimistic in our full-year outlook and continue to target double-digit growth across topline and bottomline,” CNPF Executive Chairman Christopher T. Po said during the company’s annual stockholders’ meeting on Monday.
Mr. Po said the company has earmarked P4 billion to P5 billion in capital expenditure this year to support the growth of its business segments.
He added that CNPF plans to expand the capacity of its dairy, tuna, and coconut water businesses.
During a separate media briefing, CNPF President and Chief Executive Officer Teodoro Alexander T. Po said the tariffs have already affected the company’s export operations.
“It’s actually already affecting our US businesses because there’s already a 10% minimum straight tariff being imposed on exports to the US. Our significant exports of coconut water to the US are already affected by the US tariffs, and some of our tuna original equipment manufacturer and branded exports are also affected,” he said.
“For now, there is a combination of pass-on and absorption that’s happening in the market. But it’s quite volatile and unstable at this point,” he added.
The US imposed a 17% reciprocal tariff on Philippine goods on April 2, but the measure was suspended for 90 days pending negotiations until July 9. In the interim, most trading partners were charged a provisional 10% tariff.
“The silver lining that we’re hoping to get is that the Philippines will be better treated tariff-wise than our other global competitors in the export business,” Mr. Po said.
For the first quarter, CNPF reported an 11% increase in net income to P1.9 billion, driven by its branded segment. Consolidated revenue rose by 10% to P19.9 billion.
On Monday, CNPF shares rose by 0.63% or 25 centavos to close at P40.25 apiece. — Revin Mikhael D. Ochave