First salmon processing plant to open in PHL

The first salmon processing facility in the Philippines is about to make its debut after Big Glory Bay Salmon & Seafood Company secured a P76-million loan from the Land Bank of the Philippines. “They approached us for a P76 million loan. It will be the first of its kind in the Philippines," said Land Bank president and CEO Gilda Pico, adding that the loan will be used to construct the processing facility, acquire equipment and serve as the working capital requirements of the company under a five-year term. The company is a joint venture between Manila-listed Alliance Select Foods International and Canterbury, New Zealand-based Prime Food New Zealand Ltd. “The company aims to position itself as a leader in salmon and seafood processing and smoking in the Asian region," Pico said. Target markets for the plan include the United States, New Zealand, Japan, Dubai, United Kingdom, Singapore, Hong Kong, and other Southeast Asian and the Middle Eastern countries. Once finished, the plant will be able to process one metric ton (MT) of smoked salmon a day, eventually working up to 3 MT daily at full capacity. Most of the plant’s output will be exported, with only 5 percent targeted for the domestic market. Salmon will be sourced initially from Norway but if demand grows, the company will also be sourcing from New Zealand and Chile. The company is also looking at producing smoked mussels. Alliance Select Foods is primarily involved in tuna processing and canning, with most of its exports finding their way to Europe, North America, Asia, Africa, and South America. — BC/VS, GMA News