KUALA LUMPUR: The Philippines is expected to buy more palm oil from Malaysia as exporters ramp up promotional activities with the Philippines International Trade Corp.
Malaysian Palm Oil Board (MPOB) data revealed, in 2016, exporters shipped 625,007 tonnes to the Philippines.
Authoritative journal Oil World estimated the Philippines bought around 950,000 tonnes of palm oil in 2016, of which two third were shipped over from Malaysia.
Palm oil is gaining global popularity as it is deemed as a nutritious food ingredient, and at the same time, an ideal option for clean and renewable energy.
Plantation Industries and Commodities Minister Datuk Seri Mah Siew Keong, who is leading an Economic and Promotional Mission on palm oil and rubber to Manila from July 18 to 20 met with the Philippines Secretary of Trade and Industry Ramon M. Lopez yesterday.
Mah, in a statement today, said his delegation comprised representatives from the ministry, MPOB, Malaysian Palm Oil Council (MPOC), Malaysian Rubber Board (MRB) and Malaysian Rubber Export Promotion Council (MREPC).
While Malaysia works to raise consumption of palm oil, timber and rubber products in traditional markets, Mah said exporters must also tap into emerging markets.
“This trip to the Philippines is aimed at enhancing Malaysia’s exports of palm oil and rubber.”
Last year, Malaysia’s palm oil and rubber exports to the Philippines amounted to RM2.71 billion.
The minister noted from January to May of this year, Malaysia exported RM1 billion worth of palm oil products and RM98.3 million worth of rubber products to the Philippines.
This works out to be 12.2 per cent and 48.5 per cent more than last year’s in the corresponding period.
“I think there are good prospects of higher palm oil and rubber products exports to the Philippines in the coming years,” Mah said.