Tridge summary
House Chairman Joey Salceda has called on the Philippine Coconut Oil Authority (PCA) to boost the production and marketing of coconut oil in the Philippines, following expected global palm oil price increases. Salceda highlighted that coconut oil is already priced higher than palm oil and suggested the PCA could use funds from the Coconut Industry Development Trust Fund or Coco Levy funds to finance export development and marketing strategies. He stressed the need to position Philippine coconut oil as a substitute for palm oil as global prices continue to rise, aiming to support local coconut farmers and provide an export opportunity.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
Anticipating higher global palm oil prices, House Chairman Joey Salceda on Monday urged the Philippine Coconut Oil Authority (PCA) to increase production and marketing of coconut oil, saying it could be a "good substitute." Salceda said the cost, insurance and freight (CIF) of coconut oil is already $1,100, while palm oil is $1,065. He clarified that palm prices have already risen by 20% this month. “The coconut is the country's main agricultural export. We are the best coconut producers in the world. So for us it is a super crop. And the opportunity presented itself,” said the vice chairman of the House of Representatives Committee on Agriculture and Food. Salceda said the PCA could use funds from the Coconut Industry Development Trust Fund or Coco Levy funds "to implement export development and marketing programs to take ...
Source: Oilworld
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