With soil and climate conditions perfect for cacao cultivation and a ready world market for cacao products, the Philippines eyes to bring the country back on the world cacao map.
The Department of Agriculture reported that the global demand for cocoa is estimated to reach 4.7 million to 5 million metric tons by 2020 but with a cocoa global shortage predicted at 1 million metric tons.
“Because cacao has strong domestic and export market demand, it is now considered a very important commodity. Cacao can provide more jobs and livelihood opportunities and promotes countryside development. Not only it is less prone to severe fluctuation but also requires low startup cost,” DTI National Cacao Cluster Coordinator Edwin Banquerigo said in a forum last September.
In line with this, the Department of Agriculture – Agribusiness and Marketing Assistance Service (DA-AMAS), Philippine Cacao Industry Council, and the Department of Labor and Employment (DOLE) will launch the OFW Agriculture Business Investment Program this year, according to a report by the Philippine News Agency (PNA).
The program aims to enable OFWs to invest their money and let it grow through farming as well as usher a competitive and sustainable Philippine cacao industry, Philippine Cacao Industry Council chair Valentino Turtur said.
OFWs in Hong Kong will pilot the program, with their investments being used for the development of a corporate farm with a minimum of 50 hectares.
“Our OFWs in Hong Kong are eager to invest in Philippine’s cacao industry. The program will be like a crowd funding and our OFWs will serve as the investors,” Turtur added.
After the launching Hong Kong, the program will be replicated in Singapore, Korea, and Dubai. Turtur is confident that Agriculture Secretary Emmanuel Pinol will support the program.
Credit: DTI Website, PNA
Photo credit: Wikimedia Commons
