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Filipino coconut industry has ‘massive potential’

In the next five to six years, the administration of President Ferdinand Marcos Jr. is set to implement the Coconut Farmers and Industry Development Plan (CFIDP). The CFIDP was approved by then-President Rodrigo Duterte in June 2022, paving the way for the utilization and release of the P75-billion fund provided by Republic Act (RA) 11524 or the "Coconut Farmers and Industry Fund Act."

With a guaranteed funding of P75 billion (€1.28 bln) over a period of five years, the CFIDP can have a huge impact on the Philippine coconut industry and the 3.5 million farmers depending on it.

The P75 billion for the CFIDP will be disbursed as follows: P10 billion each for the first and second years of the plan; P15 billion each in the third and fourth years; and P25 billion in the fifth year, including interest earned by the fund.

Coconut is currently planted in 3.6 million hectares of land, mostly in 69 provinces that host around 347 million fruit-bearing trees.

[ P1 = €0.017 ]

Source: manilatimes.net


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