Century Tuna maker sees limited fallout from US tariffs
Despite the strength of its export market last year, Century Pacific Food Inc. (CNPF) is not expecting the United States’ new tariffs to significantly gnaw on overall sales, citing its limited exposure to America.
CNPF executive chair Christopher Po told the Inquirer in a statement on Tuesday that the United States accounted for only 5 percent of the company’s total sales.
“It remains a [strategic] and important market for us, so we are monitoring the situation closely both for threats and opportunities,” Po noted.
“To a degree, we are protected by some long-term contracts with a long-standing US customer,” he added, although he did not disclose the identity of CNPF’s customer.
Po’s statement came amid fears that US President Donald Trump’s move to impose a 17-percent tariff on goods coming from the Philippines could weigh down the performance of companies with multinational presence.
For its part, CNPF, the maker of Century Tuna and Argentina Corned Beef, currently exports canned tuna and coconut-based products to parts of North America, Asia, Africa, Europe, the Middle East and Oceania.
In 2024, CNPF’s earnings climbed by 14 percent to P6.3 billion on the back of strong export and branded sales.
Revenues of original equipment manufacturing exports surged by 36 percent, according to CNPF, due to a low base and “robust global demand for healthy and nutritious products.”
PH can be ‘competitive’
Asked whether they see export sales declining as a result of the new duties imposed, Po said, “Not much, as it is only 5 percent of our top line, mostly contracted volumes.”
“Furthermore, we think that [the Philippines] can be competitive in light of the new tariff schemes levied on all exports to the US,” he added. “At this point in time, it’s too early to predict impact but we’ll be watching out for softer demand and other supply chain impacts.”
CNPF chief financial officer Chad Manapat also said in a disclosure to the stock exchange that they were banking on the company’s “diverse and resilient” portfolio to protect it from headwinds caused by the global trade war.
Last year, CNPF announced plans to widen its reach in North America and the Middle East via Coco Mama, its coconut milk brand, since these regions had a strong Filipino presence.
