Japanese Dairy Firm to Set Up Sales in Philippines
PHILIPPINES - Dairy product trader Lacto Japan Co. is foraying into the Philippines to meet growing dairy demand there.
18 June 2019
1 minute read
The company will establish a wholly owned sales unit, Lacto Asia (Philippines) Inc., in October due to increasing demand for dairy ingredients, it said Friday.
"Our shipments in the Philippines have rapidly grown in the past few years and sales there now account for 30 percent of total sales in Asia outside Japan," Kenji Bundo, executive officer, told NNA on Monday, adding the company expects further growth in demand thanks to the country's fast-growing economy, and young, large population.
Lacto Asia Pte. Ltd., the Tokyo-based firm's 100 percent subsidiary in Singapore, will fully fund the Philippine unit with capital of $500,000, it said in a statement.
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Source: ABS-CBN News
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