11/10/2013 (Tempo) - The Philippine agribusiness sector faces bright prospects in the next five years, largely due to the strong showing of palm oil, sugar, and livestock industries, according to industry market reports on Philippine agribusiness released in August, 2013, by Britain-based Business Monitor International (BMI). BMI said that expansion of the palm oil sector, healthy growth rates in sugar production, and consistent performance of the livestock industry account for the long-term positive view on Philippine agribusiness.

The total area planted to oil palm is 54,448 hectares, as shown in Philippine Palm Oil Development Council statistics. The industry plans to increase the area to 177,000 hectares in the next few years. Priority areas for expansion are Autonomous Region in Muslim Mindanao and Caraga Region. Government expects the ongoing peace effort to help Malaysian and Indonesian palm oil producers implement their long-held plans to develop palm oil plantations in Mindanao.

Sugar production hit a record 2.44 million metric tons as of May, 2013, attributed to early planting of sugarcane nationwide and favorable weather conditions in the fourth quarter of 2012. Sugar output is forecast to increase by 29.2% by 2016-2017. The livestock sector has consistently recorded positive growth. In 2012, livestock production, comprising 16% of the year’s total farm output, rose by 1.1% with gross value of P214.3 billion. Agribusiness grew by 3.3% to P352.5 billion in first quarter of 2013, with crops, fishery, poultry and livestock subsectors expanding in January to March.

Business Monitor International is an independent provider of proprietary data, analysis, ratings, rankings, and forecasts covering 195 countries, including the Philippines, and 24 industry sectors. Its online service is used by over 90% of the Fortune 500 companies, investment banks, and government agencies. It covers 17 industry sectors for each country’s market, evaluates market and company trends, and regulatory environment and competitive landscape for a country/sector, and provides the proprietary five-year market-specific forecasts.

The Manila Bulletin, led by its Chairman of the Board of Directors Dr. Emilio T. Yap, President and Publisher Atty. Hermogenes P. Pobre, Executive Vice President Dr. Emilio C. Yap III, Editor-in-Chief Dr. Cris J. Icban Jr., Business Editor Loreto D. Cabañes, Officers and Employees, congratulate the Department of Agriculture headed by Secretary Proceso J. Alcala and Department of Trade and Industry Secretary Gregory L. Domingo, in their coordinative efforts to boost the potentials of agribusiness, open up job opportunities, and work for sustainable economic growth in our Republic of the Philippines