RP, US fruit firm ink pineapple supply deal

MANILA, Philippines - President Gloria Macapagal Arroyo on Saturday (Manila time) witnessed the signing of an agreement between the Philippines and NTC Marketing Inc for the supply of pineapples from Bicol. Worth $500 million, the agreement will last for 35 years and benefit some 5000 families from Albay, Camarines Norte, Camarines Sur, Catanduanes, Masbate, and Sorsogon, a Malacañang statement said. The said provinces are considered to be among the poorest in the Philippines. The Palace said Trade Secretary Peter Favila, on behalf of the Philippine government, and Michael J. DeRose, Niagara Trading Co. marketing chairman signed the contract. NTC is the brand owner of Libby’s Fruits of New York, a privately-held company with over 40 years experience in the food industry. It specializes in tropical fruit products such as pineapple, guava, red and yellow papaya, sliced mango, tropical mixed fruits, and mandarin orange. In September 1983, it was reported that the NTC acquired the Libby brand from the Chicago-based Libby, McNeill & Libby Inc., known for its canned food products. - - GMANews.TV