Philippines: Banana production costs to increase
He said they are expecting this to increase by five to seven percent next year brought by the increased labor costs, pest and disease prevention and control, and increased in the prices of materials and fuel.
Labor costs will increase with the implementation of the P5 increase in the cost of living allowance (Cola) starting on December 1, bringing the new daily minimum wage for the agriculture sector to P307 from P302.
Antig said the banana industry is one of the highest paying industries in the Philippines with a "carrying cost is more than P638/ day."
He said many banana growers and exporters are spending a lot for the control, prevention, and eradication of pest and diseases.
Antig also pointed out this could affect the competitiveness of the Philippines' banana industry against emerging banana producers if these problems are not addressed.
He said emerging banana exporters like Vietnam, Indoneisa, Malaysia, Myanmar, Thailand, and China could make the Philippines less competitive.
Source: sunstar.com.ph
