MANILA - Fast Logistics Group launched on Wednesday its cold chain business brand “Fresh”, coinciding with the recent openings of two cold chain hubs in Cavite and North Cebu.
The company said Fresh will provide temperature-controlled logistics, and is expected to support the food and pharmaceuticals industries.
Fast president and CEO William Chiongbian said they have already spent P500 million, and they may spend P2 billion over the next 2 years as they put up more locations in Luzon, Visayas, and Mindanao.
Chiongbian said Fast has 10,000 cold storage pallet positions to support the 30,000 pallet positions capacity provided by its wider warehouse network.
"Our goal within the next 2 years is, potentially, to expand to a little over 100,000 pallet positions,” Ciongbian said.
Fast said it is considering an initial public offering but “not in the immediate future.”
Anthony Dizon, President of Cold Chain Association of the Philippines, said the sector still needs more capacity, especially in non-urbanized locations.
"While we do have adequate capacity in the urbanized centers around the country, there is already an observed need in other parts of the country which is not adequately serviced today by the cold chain industry,” Dizon said.
The cold storage sector supports agriculture as well as food service by providing storage facilities that keep produce fresh.
More recently the industry was tapped to help ensure the safe distribution of COVID-19 vaccines which need to be handled in low or ultra-low temperatures.