05/08/2024 (Malaya Business Insight) - Vegetable Oils trader Ares Merchants Philippines Inc. (AMPI) targets to ramp up its export activities to support the country’s goal of strengthening the local coconut industry.

AMPI aims to export approximately $2.768 billion worth of coconut oil from 2025 to 2035.

The company eyes to operate its own refinery in the European Union by next year.

This way, it becomes part of the coconut oil supply chain with significant presence in Europe, particularly in the Netherlands.

“Traditionally, major buyers and refineries, established by the US and Europeans, have benefited from adding value to crude coconut oil. To change this, AMPI plans to refine the coconut oil in the first Philippine-owned refinery in Europe and sell it directly to end-users starting in the EU market,” said Jose Leonardo Tanada, AMPI managing director, in a statement.

Tanada said this will empower local farmers and micro, small and medium enterprises, ensuring that they benefit directly from the value-added process.

AMPI said it is also collaborating with cooperatives handpicked by the Philippine Coconut Authority to participate in the said project.

“By selling coconut oil in the EU, these cooperatives can benefit from a financial premium, generating more than $2 million annually. This collaboration not only enhances the income of local farmers but also strengthens the overall coconut industry in the Philippines,” Tanada said.

https://malaya.com.ph/news_business/vegetable-oil-trader-sets-eyes-on-europe/