The Ministry of Plantation Industries and Commodities has targeted exports of Malaysian palm oil and palm-based products to the Philippines to increase to RM3 billion by 2020.
Minister Datuk Seri Mah Siew Keong said the Philippines’ requirements for oils and fats are 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% from RM1.99 billion in 2015.
“Malaysia will continue to cooperate with the Philip- pines International Trade Corp to increase exports of palm oil into the Philippines as an economical alternative to the Philippine consumers,” he said.
Mah said this in a media release after meeting with the Philippine Secretary of Trade and Industry Ramon M Lopez in Manila yesterday.
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% were from Malaysia,” he said.
Meanwhile, Malaysia’s trade with the Philippines on rubber and rubber products valued at RM432 million in 2016. — Bernama