Libby Fruits, the US leading suppliers of pineapple and tropical fruits had signed a $500-Million contract for canned pineapples from Bicol and Eastern Visayan.

Furthermore, the investment was covered by a memorandum of agreement signed by Trade Secretary Peter Favial and Niagara Trading Co. (NTC) Chair Michael de Rose and witnessed by the President Gloria Macapagal Arroyo.

Malacanang said that the MOA provides for a 35-year contract that expected to benefit 5,000 farming families in Bicol and Eastern Visayas.

In the seminar in New York, President Arroyo has discussed the economic growth of the Philippines in food like the Libby and in call centers. The president is proud to convey to the people that Philippines is emerging in its economic growth.

Moreover, people in Bicol and in eastern Visayas will be benefited by this deal. [via]