MANILA - Global snacks company Mondelez said it will increase the prices of its chocolate brands by about 6 percent in February in time for Valentine's Day.
Aleli Arcilla, Vice President & Managing Director of Mondelez International, said that they had not adjusted prices for a long time but need to do it now due to global economic challenges.
"But this year come February, we will have to cover some of the inflationary impacts to our products especially because we import our products," Vice President and Managing Director Aleli Arcilla said.
Mondelez owns popular brands like Cadbury, Toblerone and Oreo.
Despite hiking prices, the company still expects better sales for February which also usually sees an uptick in chocolate purchases. This is also due to the easing of restrictions when people now are going out more often to restaurants compared to the last two years.
"Even in our own sales, it really peaks on Valentine's Day. It demonstrates that all Filipinos or most Filipinos show their love by giving sweet stuff and sweet is equal to chocolates," Arcilla said.
"Hindi mamawala ang chocolates sa budget," she added.