Philippine coconut export revenues are expected to remain robust at around USD2 billion to USD3 billion until 2026, given the rising demand for coconut products and expected improvement in supply.
In a briefing on the sidelines of the World Coconut Congress at SMX Convention Center in Pasay City on Wednesday, United Coconut Association of the Philippines chair Marco Reyes noted the rising global demand for coconut for health and wellness products.
In 2024, oil export revenues hit a record USD2.2 billion, and Reyes is optimistic for this to continue since coconut oil is exempted from the 19 percent tariff imposed by the US on Philippine exports, the rising demand from Europe, and the projected recovery in domestic production.
He also noted that the US only accounts for around 20 percent of Philippine coconut exports, while the bigger chunk, at around 50 percent, is Europe. The balance of 30 percent is shared by other countries in the region.
“I think we can at least maintain (the strong growth in revenues). And we recognize that the market is still expanding. The demand for coconut oil is still expanding,” Reyes said.
In an interview after the briefing, Reyes traced the improvement in supply, especially next year, to fewer expectations for typhoons and more measures from the private sector to produce value-added products.
He also cited the government’s bid to increase yield through replanting, hybridization, and fertilization.
During the same event, Philippine Coconut Authority Administrator Dexter Buted underscored the government’s goal to plant 100 million coconut trees by 2028 to achieve global market leadership.
He said they planted around 8.6 million last year, while the target for this year is around 15.3 million. For the next three years, around 25.3 million per year.
“We are not contented of that because we need to come up with a buffer also because of germination problems, pests, and bleeding. And then, you know, we’re living in a climate shock, so there should be a buffer. So we’re looking at the plan. In PCA, (we plan to have around) 150 to 160 million (buffers),” he said.
The program has been allocated around PHP2.8 billion this year, which is already a big improvement compared to the PHP306 million they received in the past, he added. (PNA)
