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NEWS ADMIN

DATE

12/03/2019

NEWS PROVIDER

Nur Aisha Abd. Wahab

NEWS SOURCE

UNTV

CATEGORY

HEADLINE

EU market may revive PH’s ‘dying’ copra industry – DA

UNTV (11/03/2019) - MANILA, Philippines – The Department of Agriculture (DA) sees hope of reviving the country’s copra industry.

In a statement, Agriculture Secretary Manny Piñol said the agency is eyeing a partnership with a Monaco-based Russian firm to bring Philippine copra to the European Union (EU) market.

“A Monaco-based Russian businessman, Igor Malyshkov, whose friends and associates own a chain of 15,000 supermarkets in Eastern Europe including the Russian Federation has helped us open this huge market,” Piñol said.

The Secretary, however, clarified that he wants to make sure first that “only those who are willing to help the coconut farmers will be included in this Eastern European Marketing deal.”

Secretary Piñol appealed to the coco mill owners and traders last year to retain the buying price of copra to P25 per kilogram.

Those who adhere to this buying price, according to Piñol, will not be made part of the planned supply deal.

“If your buying price is below P25, as we have earlier agreed, you will be excluded from this supply deal in Eastern Europe,” he said.

“As the demand in Eastern Europe grows, we will also expect you to increase your buying price,” he added.

Meanwhile, the plan received support from copra traders who immediately declared their respective buying prices to the agency.

According to Piñol, he will ask the marketing group of the DA to monitor the buying price of copra.

He hopes that the industry will regain its market with the increase in demand of coco oil in Eastern Europe.

The Philippines is the second largest copra producer in the world with more than 150 million tonnes produced annually.

But Piñol recently reported that the price of copra in the country depreciated due to the increase in supply of palm oil in the past three years.

Read more at https://www.untvweb.com/news/eu-market-may-revive-phs-dying-copra-industry-da/