Food manufacturer Century Pacific Foods Inc. said Thursday it will spend between P3 billion and P3.5 billion in 2023 primarily to increase the production capacity of meat, coconut, pet food and packaging businesses.
CPNF executive chairman Christopher Po said during the company’s annual stockholders meeting the company is expanding the capacity of its businesses as demand remains strong despite inflationary pressures.
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Po said the group is more optimistic for the rest of the year as the decline in inflation rate, increase in minimum wage and stable peso are all positive trends for the consumer segment.
CNPF expects net income to grow by high single digit and top line revenues to increase double-digit this year.
