MANILA – Prices of Mega Global Corp’s canned sardines and other meats went up in the first half of March due to inflation and higher cost of raw materials, its president and CEO said Friday.
The prices increased by about 3 to 5 percent, but the company is mitigating costs through more efficient production as it invests P500 million worth of capital investments for this fishing season, President and CEO William Tiu said.
“What we have to do internally is to make our operation more efficient. To be more efficient, maybe we have to automate, we have to do things more productively. That’s why we are always searching for machines which could hasten our pace,” he told ANC’s The Boss in an exclusive interview.
Tiu said he expects double-digit growth for the company in 2018, driven by increased demand for their product, which is considered by their client as “healthy” due to its omega-3 component.
There was no slowdown in sales even as inflation accelerated because Filipinos still consider sardines a staple food amid rising prices of basic goods, he said.
To further cut costs, Tiu said the company is looking to shift to renewable energy, such as solar or sea current, in sustaining their operations in Zamboanga which includes fishing, canning, selling sardines.
“Any kind of renewable energy would be an advantage because it’s a 24-hour operation and we are thinking about using current to generate our power, but we just need find a partner to do it for us,” he said.