American fruit canner Libby's Fruits will put up a half-a-billion-dollar project in the Philippines within the year, as per the country's trade department.
Libby's Fruits will import pineapples from the Philippines via the province of Camarines Norte on the basis of a 35-year supply deal. Trade secretary Peter Favila and Libby's Fruits marketing director Michael DeRose have already signed a memorandum of agreement last week in the U.S.
Libby's Fruits is produced by NTC, a private firm with over 40 years in the food industry and specializing in tropical fruit products, like canned pineapples, guavas, papayas, mangoes, mandarin oranges, among others.
According to local economists, the project, once implemented, would benefit about 5,000 farming families in the Bicol region.
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