MANILA, Philippines?Counting on election spending starting later this year, RFM Corp. president and CEO Jose A. Concepcion III said the publicly listed food and beverage firm was poised for a sales growth of at least 20 percent in 2009.

He said on Tuesday at the sidelines of the company?s annual stockholders? meeting that sales as of May this year were good at P3.2 billion?23 percent more than sales recorded in the same period last year.

Asked if the growth rate would be maintained for the rest of the year, he said ?it would be around that [figure].?

?We see election spending start kicking in around the last quarter of the year, and we are preparing ourselves to take advantage of it through better capacity, product affordability, cost efficiency and advertising,? he said.

He noted that the company?s shares, currently at 30 centavos each, was ?grossly undervalued.? But as the company increases its profit, this value could soar in 2010.

He said the stock?s book value was P1.50.

Concepcion said that Selecta, which has a 54-percent market share, would continue to dominate the ice cream market. RFM?s Fiesta brand of pasta and spaghetti sauce would also remain number one.

Supporting growth in other areas are Sunkist juice and iced-tea flavors, Selecta milk, and Vitwater, touted as the first vitamin-enriched water.

He also cited the company?s efforts to recover margins by ?streamlining its supply chain, upgrading and re-engineering its plants, and broadening its distribution reach.?