MANILA – Jollibee's poultry supplier said Monday it was working to keep costs down as El Nino takes hold and with the specter of a strong peso.
The drought could drive up prices of corn that is used as chicken feed but this will be offset by a strong local currency, which could bring down import costs, Cargill Philippines president Philip Soliven told ANC.
"Everyone is worried about inflation and we hope that we can keep the cost of these protein down so we don’t stoke inflation again sometime in the future," he said..
"There is a component of input cost that are imported and to that extent imported ingredient becomes less expensive," he said.
Cargill's joint venture with Jollibee Foods Corp, C-Joy, is also looking for growth opportunities in the Visayas and Mindanao where economic activity has “significantly” increased, he said.
Cargill is readying a P12.5 billion investment in the next 2 years, its CEO David MacLennan said in November. The company is planning to hire "a few hundred more" in the next few years to add to its 2,300 strong workforce, Soliven said Monday.