The Philippines earns over $400 million in annual direct revenues for being a top tuna-exporter to markets such as Spain, Germany and Britain.

Century Pacific Food Inc. (CNPF) is set to supply tuna, sardine and coconut milk products to top Russian food firms after signing multiple agreements included in the $12.57 million business deals inked during Duterte’s visit to Russia earlier this month.

The Po-led listed food and beverage company said it signed separate memoranda of understanding with Magnit Food Retail Chain, Dalimo and LLC Dalpromryba for the supply of tuna and sardine products. It also agreed to supply coconut milk products to Panasia Impex Co. Ltd.

CNPF chief operating officer Gregory Banzon said Russia, which has the sixth largest economy in the world with a population of 146 million people, serves as an attractive market for the business due to its “large, increasingly affluent and highly educated population.”

The company noted that the deals also follow the accreditation of its various manufacturing plants, which allows it to meet and service the requirements of the established Russian food brands and retailers.

Meanwhile, cabinet secretary Karlo Nograles, who was part of Philippine delegation to Russia, said the deals also boosts demand for products in Mindanao, where the country sources 90 percent of its tuna needs.

The Philippines earns over $400 million in annual direct revenues for being a top tuna-exporter to markets such as Spain, Germany and Britain. CNPF said the country annually exports 171,452 metric tons (MT) of tuna worth $492 million in the three markets alone.

CNPF is one of the country’s largest tuna and coconut product exporters, with popular brands such as Century Tuna, Argentina, Swift, 555, Angel Kremdensada and Birch Tree.

It booked 9 percent higher net income in the first six months of 2019, to P1.709 billion from P1.671 billion in the same period last year on the back of lower raw material prices and subdued operating expenses.