DTI promotes Makapuno Investments to Overseas Filipinos in Canada

  • Page Views 311
  • MAY 06, 2021 – Overseas Filipinos (OFs) in Canada were encouraged to support makapuno (coconut sport) farmers in the Philippines as a way to boost countryside development, expand opportunities for overseas investments, and transform the national coconut industry.

    “The coconut, known to be the tree of life, remains to be one of the most important crops of the country. It is the third most dominant crop after rice and corn. Coconut products are among the country’s major exports. It is a very interesting crop with exciting business opportunities surrounding it, including makapuno, which some describe as a mutant coconut,” said HE Rodolfo Robles, Philippine Ambassador to Canada during the opening remarks of the Trabaho, Negosyo, Kabuhayan (TNK) webinar held March 27.

    Makapuno is considered a genetic aberration of the coconut with a full and thick endosperm. Unlike the normal coconut, the makapuno has no water content but can serve as a high-value product. It’s used to flavor ice creams, cakes, candies, and pastries, while the liquid endosperm contains galactomannan, which has pharmaceutical and cosmetic applications.

    Despite its wide application, Philippine makapuno exports have been on a steady decline from 2011-2019 in part because of competitive pressures from Thailand and Indonesia, said Erlene Manohar, Deputy Administrator of Philippine Coconut Authority (PCA).

    To enhance the competitiveness of the local makapuno industry and plug the supply 3,000 metric ton/year supply gap, Manohar called for inter-agency convergence in the creation of an embryo-cultured makapuno roadmap with the PCA, the Department of Agriculture, the local government units, the Department of Science and Technology, and the Department of Trade and Industry (DTI).

    “Makapuno means full. It is full of opportunities and hope for the Filipino farmers. Let us support this program – an agri-business investment platform for OFIs. Get involved for the fulfillment of the industry vision,” she encouraged.

    On its part, the Department of Agriculture stands ready to support aspiring and existing agri-entrepreneurs through its technical mentoring services, loan packages, and market linkages, according to Dr. Josyline Javelosa, Agriculture Attaché of the Philippine Embassy in Washington DC.

    DTI, through the Philippine Trade and Investment Center in Toronto, bridges OFs in Canada to local makapuno farmers. Under the Philippine Makapuno Industry and Agribusiness Investment Promotion Program, OFs based or residing in Canada can help plant embryo cultured makapuno trees in Alabat, Quezon Province, explained Senior Trade Commissioner Maria Roseni M. Alvero. The project aims to initially raise investments from Filipinos ins Canada to plant at least 1000 trees across ten hectares.

    Based on an initial study, the first five years will cover field planting to flowering. In the sixth year, the trees are expected to produce nuts and investment returns will start to materialize. The profits from the investment will be held in a trust by the Philippine Coconut Research and Development Foundation and deposited to Landbank of the Philippines.

    “The Philippine Makapuno project in Alabat has a potential return of P9.91 million, that is three times the investment from years 6-15,” said Labor Attaché Margarita Victorino.

    The municipality of Alabat is home to 1.7 million coconut trees planted across 12,000 hectares. While the makapuno trees for the said project have yet to fully mature, Alabat Mayor Fernando Mesa is hopeful about the future prospects offered by the tree of life to support economic development.

    “We really dream to make Alabat as a Makapuno island. When we started this project, Jollibee talked with us, pag namumunga na raw ang makapuno, wag sila kalilimutan. They are ready to be the market of this product,” he shared, referring to the homegrown F&B giant. He suggests that the funds from OFs in Canada can help finance caretaker fees, irrigation systems, and farm-agri inputs.

    To sustain the development of the makapuno industry, Mesa stressed the importance of harmonizing investment initiatives following the signing of RA 11524 or the Coco Levy Fund Law. The new law provides for a P75 billion omnibus funding that would support coconut farmers through the provision of seedlings, loans, scholarships, training, equipment, and R&D.

    The Coco Levy Fund Law is expected to increase the profitability of makapuno farming for farmers and OFs alike, said STR Alvero. She expressed hope that the memorandum of understanding between the Alabat LGU and government agencies will be reformulated, setting a model for other LGUs to follow.

    The Trabaho Negosyo Kabuhayan episode was jointly organized by The Philippine Trade and Investment Center – Toronto and the Philippine Embassy in Ottawa and hosted by Embassy Economic Officer and Consul Jeffrey Salik. The webinar aims to invite repatriated OFWs to become agri-entrepreneurs and partners in national development.

     

     

    Share

    New Posts Recently publish post More

    • 03 June 2021
      2 weeks ago No comment

      What’s next for Pacquiao after August 21 fight in Vegas

      Manny Pacquiao will challenge WBC and IBF welterweight champion Errol Spence Jr. in Las Vegas on August 21. What comes next for the 42-year-old fighter and current senator of the Philippines is a matter of great interest. Pacquiao’s longtime trainer and confidant Freddie Roach said in the summer of ...

    • 27 May 2021
      3 weeks ago No comment

      B.C. begins four-step Restart from COVID-19 pandemic

      In March and April 2021, B.C. was hit by a third wave of COVID-19 infections. But something was also about to change as Britisih Columbians registered for vaccination in record numbers between April and May. By May 24, around 60 percent of people aged 18 and over have received ...

    • 20 May 2021
      4 weeks ago No comment

      19 million vaccine doses administered in Canada

      COVID-19 vaccination in Canada started in the week of December 13, 2020. As of May 19, 2021, when Philippine Showbiz Today went to the presses, the federal government counts 19,349,980 doses administered so far. The country has a population of around 38 million, based on current estimates available online. ...

    • 20 May 2021
      4 weeks ago No comment

      Your daily dose of everything NCAA is here: ‘Rise Up Stronger: The Road to NCAA Season 96’ airs beginning May 23

      Get to know the athletes, the coaches, the teams, and what to expect this season as GMA Network via GMA Synergy unveils ‘Rise Up Stronger: The Road to NCAA Season 96,’ airing everyday beginning this Sunday, May 23, on GTV. ‘Rise Up Stronger: The Road to NCAA Season 96’ will keep sports fans entertained ...

    • 20 May 2021
      4 weeks ago No comment

      ‘DITO AT DOON’ PREMIERES GLOBALLY VIA TBA PLAY

      Film aficionados outside the Philippines will no longer be left behind as they get the chance to see “Dito at Doon” (“Here and There”) via the international premium video-on-demand service. Filipinos and cinephiles abroad can sit back and enjoy the must-watch movie of the year “Dito at Doon” (“Here and ...

    %d bloggers like this: