Ministry Eyes US$699.89 Million Palm Oil, Palm-Based Product Exports To The Philippines By 2020

KUALA LUMPUR, July 19 (Bernama) -- The Malaysian Ministry of Plantation Industries and Commodities has targeted exports of Malaysian palm oil and palm-based products to the Philippines to increase to US$699.79 million (RM3 billion) by 2020. (US$1 = RM4.28) Minister Mah Siew Keong said the Philippines’ requirements for oils and fats were set to grow and potentially increase to 1.15 million tonnes of palm oil by 2020. Last year, Malaysia’s exports of palm oil and palm-based products to the Philippines were worth RM2.28 billion, an increase of 14.6 per cent from RM1.99 billion in 2015. "Malaysia will continue to cooperate with the Philippines International Trade Corp to increase exports of palm oil into the Philippines as an economical alternative to the Philippines consumers," he said. Mah said this in a media release after meeting with the Philippines’ Secretary of Trade and Industry, Ramon M. Lopez, in Manila on Tuesday. The minister is leading an economic and promotional mission on palm oil and rubber to the Philippines from July 18-20, 2017. He said Malaysia stressed on the high versatility of palm oil, its ability to serve as a nutritious food that could alleviate hunger in the poor parts of the world and to meet the world’s growing demand for clean biofuels. “Based on Oil World report, the Philippines is one of the main importers of palm oil in South-East Asia with 931,000 tonnes imported in 2016, out of which, 65 per cent were from Malaysia,” he said. Meanwhile, Malaysia’s trade with the Philippines on rubber and rubber products valued at RM432 million in 2016. The bulk of Malaysia’s imports from the Philippines comprised natural rubber valued at RM226 million, while Malaysia’s largest export to the Philippines was rubber gloves valued at RM60 million, he said. Mah said Malaysian rubber product exports to the Philippines had been increasing for the past few years with an average of 17.3 per cent for the past three years from RM113 million in 2014 to RM155 million in 2016. "With further developments in healthcare, car and infrastructure sectors in the Philippines, Malaysia foresees exports of rubber products to the Philippines will continue to achieve double-digit growth in the next few years,” he said. He said to assist the Philippine rubber industry, Malaysia has agreed to provide technical advice, training and assist in the development of a rubber breeding programme and quality rubber products to the markets. -- BERNAMA