Central Seafoods, Inc. (CSI) president Nelson Bascones said in an interview that the company has no choice but to penetrate the Philippine market, in order to cope with the export business difficulties.
The company started to develop processed seafood products for Philippine market, such as squid balls, fish and shrimp nuggets, as well as providing seafood product requirements in restaurants and other food outlets.
According to Bascones this is the first time since the company was established, that it decided to put aggressive moves in tapping the Philippine market.
Although, the company is also fighting to keep its hold in the international market, he said it has to expand its doors and count on the potential domestic consumers.
CSI operates several raw materials buying station in the Visayas with combined production capacity of 2,400 metric tons per year or an annual sales turn-over of not less than US$10 million.
The company is exporting mainly to the United States although exports to japan, Korea and Hong Kong are steadily growing due to increasing demand.
Also, he said efforts are now being intensified to capture other countries, although competition is tougher now with the aggressive entry of other competitor-countries like Vietnam, Thailand, Indonesia and China.
CSI, a processor and exporter of fresh frozen marine products and pasteurized canned crab meat, was established in 1999 and maintains manufacturing plant in Mandaue City.
The company has strictly complied with United States Food and Drug Administration’s mandatory regulations.
Bascones who is also the president of the Association of Food Industries Manufacturers and Exporters Inc. (AFIME) said that industry-wide the fresh and processed seafood exports in Cebu suffered from a 50 percent drop of export sales last year, as the effect of peso strengthening to the US dollar.
He said in 2005, the industry shipped an average of 200 metric tons of seafood export products a month. But now, shipment will only average at 100 metric tons every month.