CENTURY Pacific Food Inc. on Monday said that it had signed a new deal with The Vita Coco Co. Inc. for the supply of roughly 90 million liters of coconut water over the next five years.

The agreement covers additional volume requirements by Vita Coco and will require a capital expenditure investment of approximately $40 million.

"We are thrilled to enter into this new agreement and eagerly anticipate the opportunity to meet the heightened demand," Century Pacific Vice President Noel Tempongko Jr. said.

"As such, we are planning to invest in additional capacity, which will create more jobs in Mindanao and help stimulate the local economy," he added.

Century Pacific also said that the previous agreement signed in 2020 remained in force and was up for renewal discussions in 2025. The new contract is supplemental, it explained.

"The expansion of the multiyear agreement with Vita Coco conveys our mutual trust and respect for each other as business partners, a relationship built through consistency, collaboration, and excellence," Tempongko said.

Vita Coco Chief Operating Officer Jonathan Burth, meanwhile, said his firm was looking "forward to further solidifying our long-term partnership with Century Pacific."

"Our mutual ambition to serve consumers better with healthier products has taken us to new heights in innovation and quality," he added.

"This agreement also creates an avenue by which we collaborate to make a positive impact on society and help build thriving communities among smallholder farmers in the Philippines."

Century Pacific Food's share price fell by 75 centavos to close at P35.05 each on Monday.