Snack food companies see growth this election season

TOP snack food companies in the Philippines are expecting stronger revenues this year due to the upcoming midterm elections.

Speaking to the press at the sideline of The Business Manual CEO Awards, officials from the Universal Robina Corporation (URC) and the Republic Biscuit Corporation (Rebisco) said they were optimistic that snacks and ready-to-drink beverages would be among the products that would be bought during the campaign period.

URC President and CEO Irwin Lee said they have bottled drinks including water and coffee, and they have a whole variety of snacks that are usually a staple in campaign sorties or rallies.

“Historically, there’s always been a bump whenever there’s an election year. We’re also number one in snacks. We’re strong in biscuits and some confectionary. These are all products na pwedeng pamigay, pwede pabalato sa mga electorate,” said Lee.

Rebisco Vice Chairman Jonathan Ng is also optimistic for huge sales this year especially in the first half of the year due to the elections. Rebisco has several types of snacks like crackers, peanuts, cupcakes, candies, among many others.

“We’re looking forward to this year being a good year especially with the usual support from all our wonderful people in politics,” he said.

The two companies see a good election period for the business despite challenges like inflation. Both said they did not want to pass on costs to consumers even with raw material prices going up.

“Inflation has continued to be high. Actually cost inflation in selected input cost continues to be an issue. People will read about high cost of coffee, high cost of cocoa beans,” Lee said.

Ng also said, “I think we’re looking at a little bit potentially price inflation again especially in our business, cocoa prices are up again, the raw materials.”

Campaign period begins on February 11 for candidates for senator and party-list groups, with candidates expected to hold political events and gatherings across the country. Snacks and drinks are usually given to volunteers and even to the public. (ABS-CBN News)