Category: Trading

Benguet – The Department of Agriculture’s Cordillera Administrative Region (DA-CAR) office praised the increasing number of Benguet farmers adhering to Good Agricultural Practices (GAP) and engaging in organic farming. In an interview during the 18th annual agri-tourism Adivay festival, DA-CAR regional director Jennilyn Dawayan reported a significant rise in GAP-compliant farms in the province. As of November 2, this year, the number of GAP-compliant farms has escalated to 344, a substantial increase from just 50 in 2019.

According to Philippines News Agency, Dawayan, a native of Buguias town in Benguet, explained the efforts made since 2016 to promote GAP among local farmers. The initiative encourages them to adopt these practices and seek free certification. Buguias, renowned for its substantial vegetable production, contributes significantly to the dish ‘chopsuey,’ a popular stir-fried mixed vegetable dish. Dawayan assured the safety of the vegetables produced in the region, emphasizing that Cordillera fulfills 85 percent of the country’s semi-temperate vegetable requirements. Benguet, a highly agricultural province, accounts for about 70 percent of the region’s total vegetable production.

Despite the growth in GAP-certified farmers, Dawayan acknowledged that the numbers are relatively small compared to other regions. However, Benguet stands out within the Cordillera Administrative Region. The DA-CAR also aims to increase the number of stakeholders engaged in organic farming, particularly for crops consumed raw. The DA operates a laboratory to monitor the pesticide content in vegetables, ensuring compliance with safety standards.

Dawayan highlighted a shift among some farmers towards organic production, with the municipality of Tublay in Benguet being the first in the country to hold a Participatory Guarantee Systems (PGS) certification. PGS represents a locally focused quality assurance system that certifies producers based on active participation and knowledge exchange among stakeholders. The regional director also noted the opening of several agri-tourism sites in the region, supporting the DA’s focus on food sustainability and the tourism department’s initiative to introduce new tourist destinations. Dawayan concluded by emphasizing the high demand for organically-produced food, suggesting a potential market avenue for farmers.

Batangas – The provincial government of Batangas is set to transform the province into a major logistics hub in the Philippines, aiming to complement existing hubs such as the Port of Manila, Subic-Clark, and Cebu. Governor Hermilando Mandanas, in a meeting on Monday with News and Information Bureau Director Luis Morente and staff from the Philippine News Agency, cited Batangas’ strategic coastal location and its central position in the rapidly developing Calabarzon region, along with its proximity to the National Capital Region (NCR), as key factors in this initiative.

According to Philippines News Agency, Governor Mandanas, the existing Port of Batangas in the city presents a significant opportunity to boost the local and national economy. A logistics hub typically integrates various business operators in logistics, including manufacturers, shipping lines, air cargo companies, and logistics service providers. It serves as a central point for the storage, processing, and management of raw materials and goods before they are delivered to consumers. Mandanas also revealed plans to establish a ‘food port’ near the Batangas port, aimed at enhancing the traditional concept of a fish port.

In addition to logistics, Mandanas highlighted the interest of the information technology and business process management (IT-BPM) sector in Batangas as a more cost-effective alternative to the NCR. However, he noted the need for harmonization of incentive policies across Batangas’ cities and municipalities, as some local government units offer more attractive tax benefits than others. The governor expressed hope that the full implementation of the Supreme Court’s Mandanas-Garcia ruling would expedite provincial development and improve services for residents. This ruling could provide local governments with a fairer share of government tax revenues, currently largely remitted to the national government.

The IT and Business Process Association of the Philippines (IBPAP) has been advocating for IT-BPM sector investment in Batangas, highlighting access to top talent and fiscal incentives. Celeste Ilagan, IBPAP’s chief policy and regulatory affairs officer, emphasized the potential of Batangas as a thriving IT-BPM regional hub during a recent event with Aboitiz InfraCapital and the Philippine Economic Zone Authority (PEZA). PEZA Director General Tereso Panga, at a joint event held at the 700-hectare LIMA Estate in Lima-Malvar, Batangas, pointed out the province’s advantages, including a 1 million-strong labor force, lower cost of living, and robust infrastructure, making it an attractive destination for business and investment.

Manila – The Department of Agriculture (DA) of the Philippines announced on Tuesday a promising year for rice production, indicating an abundant and affordable supply for the market.

According to Philippines News Agency, DA Assistant Secretary and Spokesperson Arnel de Mesa, about 90 percent of the country’s palay, or unhusked rice, has been harvested this wet season. The produce was purchased at an average price of PHP22.00 per kilogram, with the current farmgate price ranging between PHP23 and PHP25 per kilo. De Mesa highlighted that the retail prices stand at PHP42.80 per kilo for regular well-milled rice and PHP45 per kilo for well-milled rice.

De Mesa acknowledged that there might be slight price adjustments as the wet season harvest nears completion, with only a few areas remaining harvestable. The forecast for November and December anticipates a yield of 3.063 million metric tons (MMT) of rice. Based on data from the Philippine Rice Information System, the DA spokesperson emphasized that 2023 has been a generally successful year for Filipino rice farmers. The national rice production outlook for the year is expected to reach around 20 MMT. The DA also launched the ‘Be RICEponsible’ campaign, coinciding with the National Rice Awareness Month. This campaign, running until 2028, is aimed at raising awareness about the value of rice and the complexities of its production. The DA reassured the public about the effectiveness of the programs and policies implemented under President Ferdinand R. Marcos Jr., which have enhanced the country’s rice production and the competitiveness of local rice farmers.

Manila, Philippines – The Maharlika Investment Fund (MIF) could play a pivotal role in boosting economic growth and reducing the national debt.

According to Philippines News Agency, speaking at the Bagong Pilipinas Ngayon briefing, Ricafort emphasized the MIF’s potential benefits in fiscal management, particularly in reducing the need for additional borrowing to finance budget deficits and major infrastructure projects.

In a separate interview, Ricafort elaborated on the economic impact of the MIF, suggesting that every PHP240 billion generated in returns could contribute approximately 1 percent to the country’s economic growth and effectively reduce outstanding debt. However, he stressed the importance of ensuring that funds are directed towards critical infrastructure and other significant projects.

During the briefing, Ricafort also underscored the need for stringent qualifications for members of the Maharlika Investment Corporation (MIC), which will manage the MIF. He advocated for expertise, experience, competence, integrity, and a proven track record in fund management. Ricafort highlighted the specialization required in the global fund management industry, transcending academic qualifications and requiring a talent for generating high returns.

On Monday, President Ferdinand R. Marcos Jr. appointed Rafael Consing Jr. as president and chief executive officer of the MIC. Ricafort praised Consing’s extensive experience, including his roles as former CFO of International Container Terminal Services, Inc. and former treasurer of Aboitiz Group, both infrastructure-related firms.

Addressing concerns about the President’s power to reject recommended appointees, Ricafort expressed confidence that this would not deter potential investors. He emphasized the concept of checks and balances, noting that while appointments originate from the executive branch, the appointees operate independently once they begin their functions.

Manila, Philippines – The formation of the Maharlika Investment Corp. (MIC) is anticipated to occur this November, with Rafael Jose ‘Joel’ Consing slated to lead as its president and chief executive officer (CEO). This was confirmed by the chairperson of the House Ways and Means Committee during the Bagong Pilipinas Ngayon briefing.

According to Philippines News Agency, the MIC is set to manage the Maharlika Investment Fund (MIF) and could be organized within the month. Salceda detailed that the MIC’s immediate task is to govern and manage the MIF, with plans for the organization to register with the Securities and Exchange Commission (SEC). Once registered, the MIC will have authorized capitalization as specified by law. The MIC is envisioned as the primary entity for mobilizing and utilizing the MIF for investments, focusing on generating optimal returns on investments (ROIs). Salceda projects the MIC to make its first investment by February or March next year.

Highlighting Consing’s suitability for the role, Salceda described him as an excellent fit for the position given his vast experience in financial management and large infrastructure project management. Consing’s notable achievements include leading the USD398 million Project Finance for Victoria International Container Terminal, which earned him various awards. He also chaired multiple companies, including the Laguna Gateway Inland Container Terminal, Inc., the Philippines’ first dry port.

Consing’s academic background in public governance, with a BA in Political Science from De La Salle University, further strengthens his credentials for the role. Salceda expressed strong confidence in Consing’s appointment, citing his extensive experience in finance, development, and public administration.

The Presidential Communications Office (PCO) elaborated on Consing’s responsibilities as president and CEO of MIC. These include establishing a diversified portfolio of investments in local and global financial markets and other assets, managing and investing the Fund’s initial and future contributions, and handling investment mandates to increase income for development goals.