MANILA - Gardenia Bakeries Philippines plans to invest P1 billion to construct its first-ever facility in Mindanao and its seventh plant in the country.
The new plant forms part of its plans to serve the growing consumption of bread in the Philippines.
Gardenia's president Simplicio Umali said the firm is considering to set up its facility in Davao, but that it's also open to put it elsewhere in the south.
Umali said the power supply in the island remains a concern, but he is confident the Duterte administration will address this soon, along with its push to improve infrastructure that would help in the distribution of its breads across the country.
Umali estimates the bread market in the Philippines to grow into an P18 billion market as bread finds wider acceptance as a food staple over rice.
The company expects revenues to hit about P5 billion this year from about P4 billion in 2015.