Century Pacific Food agrees to P1 reduction in price of its sardines – BusinessWorld Online
SARDINE producer Century Pacific Food, Inc. (CPFI), whose products trade under the Ligo and 555 brands, said it is cutting prices by P1 per can starting July 1.
In a statement over the weekend, CPFI, said the price rollback is intended to “ease the burden on consumers.”
“There will be a P1 rollback per can on all Ligo and 555 sardines starting July 1,” the company added.
According to the company, it has achieved cost efficiencies in its value chain. CPFI sells hundreds of millions of cans of 555 and Ligo sardines annually.
“In our small way, Ligo and 555 brands want to ease the burden on consumers and support them during these times,” Ronald M. Agoncillo, vice president and general manager of CPFI Sardines, said.
“Cost-effective actions, such as our continuous efforts to maximize the value chain, working with different communities, and alignment with stakeholders, allowed us to give maximum value to our customers while maintaining high product quality standards,” he added.
Last week, the Department of Trade and Industry (DTI) said that it will monitor prices to deter any unjustified price hikes.
It also said that it will be working with manufacturers to help mitigate the effects of rising fuel prices arising from the conflict in the Middle East.
Last week, the DTI said the sardine canning industry committed not to raise prices. — Justine Irish D. Tabile
