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Monde Nissin says not worried about proposed junk food tax

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Andrea Taguines, ABS-CBN News

MANILA — Lucky Me! Noodles maker Monde Nissin said it does not expect the proposed tax on junk food to make a big impact on its business.The Department of Finance (DOF) recently said it eyed new taxes on salty snacks as an additional source of revenue for the government and as a health measure given rising obesity rates in the Philippines.But during a press briefing on the company’s first half earnings, Monde Nissin Chief Financial Officer Jesse Teo pointed out that DOF Secretary Benjamin Diokno said that including instant noodles on the list would be anti-poor since they are commonly consumed by lower income families looking for a cheap meal replacement.“Under the sugar-sweetened beverage tax, a product like 3-in-1 coffee was exempted because it’s a product for the masses, for the everyday Filipino. So using that analogy, I think our business should be insulated,” he said.Teo also said that policymakers would have to clearly define first what counts as &quot;junk food&quot; before it could determine which of its products might be affected.Meanwhile, the company said it believed the trend towards better eating habits would help revive its plant-based alternative meat brand, Quorn.Monde Nissin said its reported net income dropped 17.9 percent to P3.5 billion for the first half of 2023 due to the restructuring costs for its meat-alternative business.Its meat alternative revenue declined by 6.6 percent in the first half due to continued category headwinds, it said.“Clearly, the category has been suffering around the world. We see that across animal and non-animal protein, consumers move towards cheaper source of nutrition, not necessarily healthier, said Quorn CEO Marco Bertacca.But Bertacca is optimistic an improvement would be seen by the end of the year.“There is high alert on the impact of diets around the world— in Europe, very strongly in Asia, and in the US, so we believe that this pressure on the category is really going to turn. We’re not there yet. We need to strengthen our position, we need to continue to strengthen our market share, we need to continue to do better and better products,” he added.Meanwhile, net sales for its Asia Pacific Branded Food and Beverages business grew 10 percent to P32.1 billion, while domestic business grew 9.3 percent to P30 billion, Monde Nissin said.<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/01/26/23/monde-nissin-to-acquire-15-pct-stake-in-figaro-coffee">Monde Nissin to acquire 15 percent stake in Figaro Coffee Group</a></li>	<li><a href="https://news.abs-cbn.com/business/03/30/23/monde-nissin-says-revenues-up-but-profits-down-in-2022">Monde Nissin says revenues up but profits down in 2022</a></li>	<li><a href="https://news.abs-cbn.com/business/05/15/23/monde-nissin-income-down-as-meat-alternative-weighs">Monde Nissin income down as meat alternative weighs</a></li></ul>

Lucky Me! Noodles maker Monde Nissin said it does not expect the proposed tax on junk food to make a big impact on its business.

Monde Nissin says not worried about proposed junk food tax

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Monde Nissin says not worried about proposed junk food tax

Andrea Taguines,

ABS-CBN News

Published Aug 10, 2023 02:19 PM PHT

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Lucky Me

Monde Nissin

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