Polvoron maker seeks P500 million capital for expansion
POLVORON. INQUIRER STOCK PHOTO
MANILA, Philippines — A Laguna-based manufacturer of Filipino shortbread, or polvoron, has pitched a half-a-billion-peso investment opportunity to members of the Federation of Philippine American Chambers of Commerce, who are in a week-long trade mission in the country.
ChocoVron Vice President Marissa Lourdes Yala told the Philippine News Agency on the sidelines of the US-PH 2024 Trade Mission Conference at The Manila Hotel on Friday, October 18, that the P500 million (US$8.75 million) expansion plan of the company will triple the capacity of its production facility in San Pedro, Laguna.
“Talagang lumalaki ang account, and then wala kami ‘yong fund na additional na working capital (Our accounts are really growing, and then we don’t have a fund for additional working capital),” she said.
Yala said this investment will also double the number of their employees currently at 200. The company also employs deaf and mute.
She said the company needs to raise its production to meet the increasing demand from exports and institutional accounts.
Article continues after this advertisementREAD: Dear midnight snackers, this polvoron recipe is for you
Article continues after this advertisementChocoVron chief marketing officer Jayn Yala in her presentation said the company currently has 23 export accounts mostly in the United States, Australia, New Zealand, United Arab Emirates, and Taiwan.
Jayn Yala also said there were new institutional accounts for the company next year.
Currently, the company has two food brands—ChocoVron for confectionery products, known for its chocolate-coated polvoron, and Big Oven known for its moist and chewy brownies.
READ: Can you name all of these lesser-known Filipino desserts?
She said the expansion project of their family business will be for new brand that will cater to the premium market.
“We are here to explore the opportunity of having gaining investments from foreign investors, so we would be able to expand our nationwide distribution and by strengthening our brand and providing support to these accounts,” she said.
Yala family started the polvoron business in their home in San Pedro in 2003 with an P8,000 capital.
The company vice president said ChocoVron’s 2023 sales hit P220 million. (PNA)
