Mindanao industries face bright prospects
Mindanao-based industries are expected to become significant contributors to the country’s export performance and economic development, according to the Department of Trade and Industry.
Trade Undersecretary Ponciano C. Manalo Jr. said in a recent investment conference that Mindanao, given its distinctive standpoint and its industries’ huge potentials, was in a special position to provide a solid support system.
“The opportunities in Mindanao are so meaningful in this administration [that] government [agencies are working] together and [putting priority on] agriculture, agro-industrial food processing, manufacturing and even tourism,” Manalo said.
The trade official noted that Mindanao, the country’s second-biggest island accounting for 34 percent of the Philippines’ total land area, was on top of the list of investment opportunities given incentives by the Board of Investments (BOI).
Among the lucrative industries entitled to tax perks include the export of tropical fruits like coconut, mangosteen, banana, pineapple and papaya, which Manalo claimed were global favorites.
Coconut holds one of the biggest potentials as the country has been ranked third among all the biggest coconut-producing countries since 2006, according to Manalo. The Philippines also ranks first in the global share of copra production.
“Coco coir and peat are traditional export favorites. Today, beyond traditional coconut exports, value-added products like desiccated coconut, virgin coconut oil and now coconut water [are being produced],” Manalo said.
Other industries that hold huge potential include carrageenan, which is a compound extracted from a variety of seaweeds commonly found or farmable in the clear waters of Southern Mindanao, Indonesia and Malaysia.
“Carrageenan has many uses and its main application is on food products where it is used primarily for its jellying and thickening properties. Seaweed production is an integral part of the Mindanao industry cluster,” Manalo said.
In 2001, the Philippines was the top producer of carrageenan and accounted for 40.7 percent of total world production capacity. The country is the world’s largest exporter of processed carrageenan, which is a $5-billion global market.
