A Laguna-based manufacturer of Filipino shortbread, or polvoron, is seeking to expand the local delicacy's global market reach and is seeking P500 million for its ambitious expansion.
ChocoVron vice president Marissa Lourdes Yala presented her company's plan to Federation of Philippine American Chambers of Commerce members who are part of the US-PH 2024 Trade Mission. She said that if the plan comes to fruition, it would triple the capacity of its production facility in San Pedro, Laguna.
"Our accounts are growing, and then we don't have a fund for additional working capital," she said.
Yala said this investment will also double the company's current workforce of 200. The company also employs the deaf and mute.
She said the company needs to raise its production to meet the increasing demand from exports and institutional accounts.
ChocoVron chief marketing officer Jayn Yala said in her presentation that the company currently has 23 export accounts, mostly in the United States, Australia, New Zealand, the United Arab Emirates, and Taiwan.
The younger Yala said the company had new institutional accounts 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.
She said their family business's expansion project will involve a new brand catering to the premium market.
"We are here to explore the opportunity of gaining investments from foreign investors, so we would be able to expand our nationwide distribution by strengthening our brand and providing support to these accounts," she said.
Yala's family started the polvoron business in their home in San Pedro in 2003 with a P8,000 capital.
The company vice president said ChocoVron last year's sales hit P220 million.
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