According to industry market reports by Britain-based Business Monitor International (BMI), Philippine agribusiness has a positive five-year outlook driven by strong expansion of the palm oil industry, growth in sugar production, and steady performance in the livestock sector. In the coming few years the area in palm oil production will more than triple from the current 54,448 hectares to 177,000 hectares. Sugar production reached a record 2.44 million tons in May 2013 because of early planting and favorable weather conditions, and sugar output is forecast to increase 29.2% by 2016-17. In 2012 livestock accounted for 16% of that year’s total agricultural output for the country with the crops, poultry, fishery, and livestock sub-sectors all expanding between January and March.
To receive relevant news stories with summaries provided by GAI Research & Insight, subscribe to Global AgDevelopments, our free bi-weekly enhanced eNews service