MANILA – Dairy trader Lacto Japan Co. arrives in the Philippines to meet the growing demand for dairy products there.
The company will create its own sales unit, Lacto Asia (Philippines) Inc., in October, due to the rising demand for dairy ingredients, the company said.
"Our shipments in the Philippines have grown rapidly over the past few years and sales there now account for 30% of total sales in Asia outside Japan," said Kenji Bundo, chief executive officer on Monday, adding that the company expects further demand growth thanks to the fast-growing economy in the country and the young, large population.
Lacto Asia Pte. The 100% subsidiary of the company in Singapore, based in Tokyo, will fully fund the Philippine unit with a capital of $ 500,000, a statement said.
Lacto Japan has established cheese and sales units in Indonesia, Singapore and Thailand as well as in Malaysia, as it enjoys growing demand for dairy products and cheese in the region due to the growing population and the spread of Western products. culture of food, it says.
The Japanese company buys and sells dairy ingredients, cheese, processed meat and other products worldwide.
It says it prepares for the Asian market business, as free trade deals, like the comprehensive and progressive Trans-Pacific Partnership Agreement, lead to a changing business environment and opportunities for trading in dairy products. (NNA / Kyodo)