Figaro Forges Strategic Partnerships to Promote Sustainable Food Security

San Jose, Batangas — October 11, 2024 — Figaro Innovation and Development Inc. (FIDI), a subsidiary of Figaro Coffee Group, is pleased to announce the signing of a Mutual Non-Disclosure Agreement, marking the beginning of a strategic partnership aimed at boosting local agricultural development and ensuring food security together with San Jose Workers' Multi-Purpose Cooperative (SJWMPC), and the Batangas Organic and Natural Farming Agriculture Cooperative (BONFAC).

The signing event took place on October 11, 2024, in San Jose, Batangas, and brought together leaders from FIDI, SJWMPC, and BONFAC. The initiative is in line with the ongoing efforts to promote sustainable agriculture and provide innovative solutions to food security challenges in the Philippines. This milestone also coincided with the celebration of World Egg Day, emphasizing the importance of local food production.

Ms. Cecille Aldueza Virtucio, Chairperson of SJWMPC and BONFAC, emphasized the significance of the new commissary and cold storage facility, stating:

"Today, in celebration of World Egg Day, we once again rise to the challenge of contributing to food security. The inauguration of the SJWMPC Commissary, Meat Cutting, and Cold Storage Facility— a project realized in collaboration with the Department of Agriculture and the National Meat Inspection Service—marks an important step forward. With a focus on chicken and eggs, we aim to provide affordable, nutritious food to workers and families, thereby addressing food inflation. Our partnership with FIDI strengthens our resolve to create progress through innovation and collaboration."

Mr. Ace Azarraga, Brand and Partnership Director at FCG, expressed excitement about the collaboration: "We are thrilled to take this monumental step in connecting our local farmers with Figaro Innovation and Development Inc. Supporting the coffee farmers of Batangas and other provinces, as well as our agricultural communities across the Philippines, aligns perfectly with Figaro Foundation's mission. This partnership signifies the beginning of a larger initiative to uplift and empower farmers nationwide, ensuring sustainable growth for the local farming industry."

Mr. Jose Petroñio Español III, President of FIDI, also conveyed his congratulations:

"With the recent celebration of National Farmers Day and the inauguration of the food processing facility by BONFAC farmers and the SJWMPC, we commend the men and women driving the success of these organizations. Figaro will support their future endeavors to develop an integrated food processing and production value chain. Together, we will elevate Filipino farmers, bringing their produce to both local and global markets. Our shared values of promoting homegrown brands will serve as the foundation for a sustainable future."

The partnership sets the stage for the cooperative development of food processing, ensuring Filipino farmers' products are distributed to wider domestic and international markets. The collaboration will also focus on addressing food inflation and empowering farmers with innovative solutions.

About FIGARO COFFEE GROUP, INC

Figaro Coffee Group Inc. (FCG) was incorporated on July 6, 2018 as a wholly-owned subsidiary of Carmetheus Holdings, Inc. primarily to process, manufacture, package all kinds of food products, and establish, invest, develop, operate and maintain restaurants, coffee shops

L-R: Ms. Ianni Klarisse Conde (FIDI Strategic Partnerhsip Officer), Mr. Ace Azarraga (FCG Brand and Partnership Director), Ms. Cecille Aldueza Virtucio  (Chairperson of SJWMPC and BONFAC), Mr. Henry James Sison (CEO BONFAC), Ms. Lissa Jardin (Agro Digital PH CFO)