27/07/2008 (Inquirer.net), Philippines - Local coconut oil refiners are planning to import some 7,000 metric tons of palm olein from Indonesia and Malaysia this year, to help bring down prices of cooking oil in the domestic market.

Jesus L. Arranza, president of both Federation of Philippine Industries and the Coconut Oil Refiners Association, said in an interview that the cheaper palm olein would be used as a substitute for coconut oil in making cooking oil.

Globally, palm olein is widely used as cooking oil. It can be blended with other popular vegetable oils.

Arranza said oil refiners were initially planning to import 2,000 tons of palm olein.

Depending on the supply and price situation in the local and international markets, he said they might import 5,000 tons more.

"We expect that we will be importing more of palm olein, so we can bring down the prices of cooking oil. At the same time, the coconut oil that can be freed up from use in the domestic market may be exported," Arranza explained.