Bloomberg: Philippine food, one of the hottest trends this year
Philippine companies ramp up the negotiations with US trade buyers and visitors during the Winter Fancy Food Show 2017.
The Center for International Trade Expositions and Missions, the export promotion arm of the Department of Trade and Industry (DTI-CITEM), surpassed its sales target during its participation in the 42nd Winter Fancy Food Show (WFFS) last 22-24 January in San Francisco, USA.
WFFS is the West Coast’s largest specialty food and beverage event with an estimate of 20,000 annual visitors and 1,500 exhibitors from the US and 28 other countries.
Under FoodPHILIPPINES brand, 20 local companies secured a total of US$ 48.73 million negotiated sales in 463 inquiries from trade buyers. With an initial target of US$ 47 million, the country’s delegation recorded its highest sales in its four years of participation in the WFFS.
The country’s largest tuna company, Century Pacific Food, Inc., was one of the top dollar earners under FoodPHILIPPINES.
Among the country’s best-selling items are premium rice and tuna. Recently introduced in WFFS, Philippine corn snacks also garnered positive reception for its crunchier, tastier and bigger servings compared to those in other countries. Other top Philippine products include banana chips, nuts, coconut products, and other tropical fruits.
In the 2016 WFFS, FoodPHILIPPINES’ pavilion reported a total of 540 buyer inquiries and negotiated sales worth US$44 million from 17 local companies.
“As evidenced in its record-breaking sales during the recent WFFS, FoodPHILIPPINES is riding on the momentum as Philippine food is named as one of 2017’s hottest global food trends,” said Rosvi Gaetos, CITEM Executive Director. “The warm reception from trade buyers in North America likewise signifies the Philippines strong resiliency in the US mainstream market.”
For 2017, Food Network predicted that the “pungent, pucker synthesis of East, Spanish, and Pacific Flavors” evident in Philippine food is certain to bring new surprises this 2017, while Bloomberg hails “Filipino food as one of the hottest trends this year,” in its article “Eleven Fancy Food Trends You’ll Face in 2017.”
In the US alone, many Philippine restaurants are gaining popularity traction, such as Washington, DC’s Bad Saint which was No. 2 on Bon Appétit’s annual America’s Best New Restaurant list, and egg sandwich chain Eggslut. Other notable restaurants include Los Angeles-based Rice Bar, Philadelphia’s Perla, and Austin, Texas, restaurant Kuneho.
US is one of the largest foreign investors in the Philippines and the country’s third-largest trading partner. The Philippines has been among the largest beneficiaries of the US’ Generalized System of Preferences (GSP) program for developing countries, which provides preferential duty-free access to the U.S. market.
DTI will pursue free trade agreement options with the US in light of the Trump administration’s preference for bilateral agreements instead of regional trade grouping arrangement.
DTI-CITEM is looking to expand the country’s food export as it brings FoodPHILIPPINES this year to some of the world’s largest food fairs including Gulfood in United Arab Emirates (UAE) on 25 February – 2 March; FOODEX in Japan on 7-10 March; Taipei International Food Show in Taiwan on 21-24 June; and ANUGA in Germany on 7-11 October.
It is also cooking up an epic culinary adventure for its 11th edition of IFEX Philippines—the Asia’s largest ethnic food and ingredients show—as one of the culminating events in the 30th ASEAN summit, hosted by the country.
A branding initiative of DTI-CITEM, FoodPHILIPPINES unifies the efforts of the government in promoting the Philippines as a source of quality food products in the global market.
FoodPHILIPPINES’ participation in the WFFS 2017 is organized by CITEM, in partnership with the Philip pine Trade and Investment Center (PTIC) in San Francisco and Los Angeles, as one of the DTI’s major efforts to intensify the promotion of Philippine specialty food products in overseas trade shows.
CITEM is committed to developing, nurturing, and promoting globally competitive small and medium enterprises (SMEs), exporters, designers, and manufacturers by implementing an Integrated Approach to Export Marketing in partnership with other government and private entities.
For more information on its services and events, please log on to http://www.citem.gov.ph.