(Eagle News)–Agriculture Secretary Francisco Tiu Laurel urged Brunei companies to invest in the Philippines’ agricultural sector, noting its huge potential.
Speaking before the Philippine Business Forum in Bandar Seri Begawan on Wednesday, May 29, Laurel said that with its population of over 110 million people growing at an annual rate of 1.5 percent and a rising middle-class population with changing dietary preferences, the Philippines has a huge domestic market for agricultural products and high-quality food commodities.
He said aside from export-oriented crops such as bananas, pineapples, coffee, coconuts that have strong demand abroad, the Philippines also has new and emerging export products like abaca, coffee and seaweed, to name a few, that are gaining international popularity.
“The Philippines still has an export potential of approximately US$2.7 billion for tropical fruits and vegetables, US$452 million for fish and shellfish, and US$2.2 billion for processed foods and beverages,” Laurel said.
He added the Philippines’ abundant land and fishery resources support the availability of local raw materials for agro-processing.
Its fertile soil, diverse climate, and water resources make the country suitable for various crops and livestock, he said.
Moreover, the rural population of 58 million, the third largest in the ASEAN region, is a sizeable pool of human resources for agriculture and agro-processing, he added.
He said investors should also consider the Philippines because of its favorable policy environment.
“Modernizing Philippine agriculture is a critically important agenda of our government. Fueled by our long-term vision of a food-secure and resilient Philippines with empowered and prosperous farmers and fishers, the Philippine government is embarking on plans and programs from this year through 2027 to accelerate the modernization of Philippine agriculture and transformation of food systems,” he said.
“Our development framework to support the modernization and industrialization of agriculture stretches through 2030,” he added.