Growing bananas in PH proving lucrative

The business of growing cavendish banana accounted for the biggest share of output value and investments among agriculture-related establishments nationwide, according to the Philippine Statistics Authority (PSA).

Even so, only 167 entities or 6 percent of the 2,564 establishments formally registered were involved in banana growing, results of the just released 2013 Annual Survey of Philippine Business and Industry (ASPBI) showed.

In terms of popularity, the business comes fifth after hog farming (419 firms), growing sugarcane (344 firms), chicken broiler production (314 firms), and commercial ocean fishing (212 firms).

Other agri-businesses surveyed included contract-growing of animals, chicken egg production, chicken layer production, growing of pineapple, growing of corn, beekeeping and vermiculture, and other ventures.

As of 2013, the banana business employed 45,298 workers or 27 percent of the 164,445 jobs covered in the survey.

Bananas also represented the highest value of output from agri-businesses with P53.9 billion or 37 percent of the P144.7-billion total.

Second was hog farming with P17.6 billion and third was chicken broiler production with P14.9 billion.

In terms of total expense including compensation for workers, banana production was also top with P55.7 billion or 38 percent of the total P145.8 billion.

In terms of compensation for workers, those holding jobs in beekeeping, vermiculture and raising of semi-domesticated or wild animals received the highest average at P846,515 a year.