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Philippines: Copra price hits alltime high of P40/kilo in Region 8

Since the first week of June, 2008, the price of copra which is processed for various uses especially that of oil, has reached an all time high of P40 to P41 per kilo, the Philippine Coconut Authority manager in the region disclosed.

This is good news for the Region's more than 1.9 million people who are directly dependent on the coconut industry. This is especially because the upsurge in the price of copra came at a time when the farmers need more money for the enrollment of their school children, PCA 8 Regional Manager Nierva said.

The upsurge in the price of copra has been attributed to the increasing demands for it, both in the local and international markets. The demand for coconut is not only for copra which is used in the production of fuel, cooking oil, soaps and lotions. Coconut is also used in the production of Virgin Coconut Oil which is now in demand because of its medicinal values.

There are about 360,000 coconut farmers in the Region who annually produce about 1.9 billion nuts which are shipped either for international or local markets, Manager Nierva said.

In the Region alone, Manager Nierva said that a dramatic increase in the demand for copra has been observe with the operations of several new oil mills and decorticating plants. These utilities alone have a combined annual demand for more than 519,000 metric tons.

The current situation of the coconut industry in the Region is a far cry from the situation in 2001 when the coconut industry was considered a sunset industry. That time, a kilo of copra was only a very low P6 which is believed to have contributed to a very high poverty incidence in the Region.

With the upswing in the price of copra since the first months of 2008, the agency is strengthening its program on planting and replanting, making available to coconut farmers coconut seedlings for only P30 per nut.

Under the program, PCA Region 8 projected an increase of two million nuts from the more than 7,800 hectares that have been envisioned to be planted with coconut.

Source: pia.gov.ph

Publication date: 6/10/2008


 


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