MANILA, Philippines – Palm oil industry players from Malaysia and the Philippines recently gathered in a two-day seminar aimed at developing long and successful business relations in the oils and fats trade.
Themed ‘Enhancing Philippines’ Oils and Fats Needs through Malaysian Palm Oil,’ the recent event seeks to establish and continue to complement the Philippines’ growing oils and fats needs, stemming from the country’s rapid economic growth.
In the keynote address read by Dato’ Ar. Wan Mohammad Khair-il Anuar Wan Ahmad, chairman of Malaysian Palm Oil Board (MPOB), on behalf of the Minister, he said palm oil is the major oil consumed in the Philippines followed by the locally produced coconut oil, accounting for 54 percent of total usage of all oils and fats.
Malaysia has exported about 494,000 tonnes of palm oil to the Philippines in 2014, where 434,000 tonnes of the export was dominated by RBD palm olein.
Other palm products exported to Philippines include palm kernel oil, oleochemicals and finished products such as shortenings and vegetable fats.
“POTS Philippines is designed to bolster business ties between our two countries I would like to encourage Philippines businessmen to venture into projects in the identified new areas within the palm oil sectors in Malaysia,” Dato’ Wan Mohammad Khair-il Anuar said.
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Malaysia-Philippines POTS is the 35th of its series since its introduction in 2006.
MPOC’s role is to promote the market expansion of Malaysian palm oil and its products by enhancing the image of palm oil.
It has a network of 10 offices all over the world mainly in China (Shanghai), India (Mumbai), Pakistan (Lahore), Bangladesh (Dhaka), Middle East (Istanbul and Cairo), Europe (Brussels and Russia), Africa (Durban) and Americas (Washington DC).
The palm oil sector has contributed significantly towards providing a continuous inflow of export earnings through the export of raw commodity and valued-added products to the global market.