Philippines palm oil industry ready for takeoff
As the Philippines moves to expand its palm oil industry, Malaysia, the world’s second-largest producer, has expressed its willingness to support the country’s efforts.
The Philippines is set to expand its palm oil industry, with Malaysia offering its support and expertise. Malaysia, the world's second-largest palm oil producer, has pledged to share its knowledge and technical know-how to help develop the Philippine palm oil sector. With over 100 years of experience in cultivating oil palm, Malaysia possesses one of the biggest research and development institutes for palm oil, ready to assist any country willing to grow its domestic industry.
The Philippines aims to develop about 300,000 hectares of palm oil plantations to increase local production and lessen reliance on imports. According to the Department of Agriculture (DA), the country consumes more than one million metric tons of palm oil annually, with only about nine percent of demand met by local production. The remaining 91 percent is imported, primarily from Indonesia and Malaysia.
The MPOC, Malaysia's promotional and market development body for the palm oil industry, is prepared to collaborate with the Philippines' coconut oil sector as well. By expanding local palm oil production, the Philippines can provide a domestic source of raw materials for food and industrial uses, as well as fuel the growth of biofuel production.
The DA has allocated around P300 million for palm oil development in its 2027 budget, estimating a need for approximately P1 billion per year over the next five years to build up the industry.
Written by urgent.news from Philippine Star Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
