P77B needed to boost local coffee production | Inquirer Business

P77B needed to boost local coffee production

By: - Reporter / @amyremoINQ
/ 07:34 AM November 18, 2013

Philippine civet cat coffee displayed at a Philippine fair. At least P77 billion in fresh investments may be needed over the next five years to boost local coffee production and meet the needs of local firms, says Pierre Cote, manager-proprietor of Rocky Mountain Arabica Coffee Co.

MANILA, Philippines—At least P77 billion in fresh investments may be needed over the next five years to boost local coffee production and meet the needs of local firms, an industry player said.

The proposed amount can be used for nurseries (P646. 49 million), seedlings (P3.232 billion), fertilizer (P62.44 billion) and plantation development (P10.77 billion), said Pierre Cote, manager-proprietor of Rocky Mountain Arabica Coffee Co. (RMACC).

Article continues after this advertisement

The investment is expected to help turn the Philippines from an importer to a self-sufficient grower of coffee beans. This is why key players in the local coffee industry, like RMACC, have been advocating for the replacement of the country’s coffee importation with domestic production.

FEATURED STORIES

In a statement issued by the Department of Trade and Industry, Cote was quoted as saying that some 13,000 hectares of coffee plantations should be developed over the next five years, and 20,000 hectares within a 15-year period starting 2018.

To achieve these objectives, “we need to plant 20 million coffee trees per year over the next five years, and 30 million coffee trees per year thereafter,” Cote said.

Article continues after this advertisement

The money may be sourced from private sector equity and debt financing. Small farmers and cooperatives may tap the Agricultural Guarantee Fund Pool (AGFP) to secure the required fund, Cote further said.

Article continues after this advertisement

At present, the Philippines accounted for only less than 1 percent of the total global production.

Article continues after this advertisement

In 2012, the volume of dried coffee berries production amounted to 88,843 metric tons (MT), while green beans production totaled 39,181 MT, according to Myrna P. Pablo, regional director for the DTI Cordillera Administrative Region.

It is estimated that, by end-2013, the Philippines would have imported 40,000 metric tons of coffee to sustain local consumption.

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

TAGS: Agriculture, coffee, coffee production, Investments, Philippines

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our newsletter!

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

© Copyright 1997-2024 INQUIRER.net | All Rights Reserved

This is an information message

We use cookies to enhance your experience. By continuing, you agree to our use of cookies. Learn more here.