Headlines
Argentinian Investments to Expand Sourcing of Local Seaweeds
On the sidelines of the meeting of the 11th Ministerial Conference of the World Trade Organization, DTI Secretary Ramon Lopez discussed with an Argentinian investor how to expand sourcing of local seaweeds. Sec Lopez met with one of the owners of food ingredient-producer Farmesa, which has a plan to set-up a seaweeds processing plant in the Philippines. The Philippines will be their first manufacturing operations outside Argentina, according to Mr. Agustin Perez, Head of Farmesa’s International group. Mr. Perez confided that aside from the big potential of locally sourcing seaweeds, he finds the Philippines business environment stable and the economy very dynamic, which add on to his confidence in pursuing their growth story in the Philippines. He cited the country as one of the fastest growing economies in the world. FARMESA, is an Argentinian family enterprise that specializes in the R&D, production, and exportation of food additives and ingredients to several food companies worldwide. Sec. Lopez reaffirmed that their expansion plans can bring them closer to both the source of their main ingredient seaweeds, as well as the market of their products in the Philippines and Asian region. They recognize as well the potential of harnessing the FTA and GSP trade arrangements that the Philippines have with other countries in the region as well as in US and EU. Secretary Lopez lauded Farmesa for their decision to choose the Philippines ahead of other candidate countries for the company´s expansion. The availability of raw materials plus the strategic location of the country factored highly in the country’s evaluation. They currently had to source seaweeds from several Asian countries and bring it... read morePH exports expand by 11%
The Department of Trade and Industry through its Export Marketing Bureau sees solid growth for Philippine merchandise exports this year as it continues to expand by 11.68% with total sales of $53.11 billion for the period January-October 2017 compared to the same period last year with total $47.55 billion of export sales. For ten straight months, the value of merchandise exports in the review period was shared almost evenly by electronics and non-electronics at 50.78% and 49.22%, respectively. In a preliminary report from the Philippine Statistics Authority (PSA), Year-On-Year (YOY) growth for October 2017 showed the country’s total export sales increased by 6.6% from $5.04 billion last year to $5.37 billion this year supported by the double-digit growths of six out of top ten major Philippine exports including fresh bananas. Six gainers for October 2017 exports sales include gold (297%), electronic equipment and parts (43.3%), metal components (21.9%), fresh bananas (20.8%), other mineral products (19.6%), and electronic products (13.8%). Receipts for top ten major exports for October 2017 reached $4.25 billion with a total share of 79.2% of the total export receipts. Electronic products led the top ten commodities with total export sales of $2.86 billion, accounting for 53.2% of the total exports revenue for the month of October 2017. “Export sector is a big employment generator and we welcome these positive developments as this will translate to more job opportunities,” said DTI Undersecretary for Trade and Investments Promotion Group Nora K. Terrado. Japan remains as the top export destination for October 2017 with total exports receipt of $871.36 million and a share of 16.2% in total exports. “Japan is... read more