Connect with us

Hi, what are you looking for?

Economy

Feed millers bat for corn industry modernization

THE Philippine Association of Feed Millers, Inc. (PAFMI) said the government needs to modernize the corn industry in light of increasing demand for animal feed.

“A national corn development program that encompasses the whole value chain starting from the farm until the produce reaches the market and industrial users will allow the country to reduce its dependence on imports,” PAFMI said in a statement on Tuesday.

The group said it welcomes the Department of Agriculture’s Corn Production Enhancement Project, which has a yield improvement target of 3% a year.

PAFMI, composed of over 30 feed millers, said: “Corn is an integral ingredient in the manufacture of feed for the livestock and poultry industry,” adding that corn imports have risen over the last decade, crowding out domestic corn from the market.

Last month, President Ferdinand R. Marcos, Jr. signed Executive Order No. 10, extending lower tariffs on pork, rice, corn and coal until Dec. 31.

The import dependency rate “needs to be substantially trimmed to single digits to insulate the country from the adverse effects of any (supply disruptions),” which “leaves the country vulnerable to global supply imbalances,” PAFMI said.

The association cited a 2022-2023 corn supply outlook issued by the National Corn Program, indicating that domestic production is expected to account for 57% of the country’s needs.

PAFMI said that a “comprehensive long-term corn development program” needs to modernize farming practices and develop harvest and post-harvest infrastructure.

This year, PAFMI said the Agriculture department is estimating domestic corn output to hit 7.56 million metric tons (MMT), of which 6.35 MMT is expected to be used in animal feed. — Ashley Erika O. Jose

Enter Your Information Below To Receive Free Trading Ideas, Latest News, And Articles.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

You May Also Like

Economy

THE MONETARY Board signaled its readiness to continue raising benchmark interest rates if inflation persists, putting it at odds with other central banks which...

Economy

PRESIDENT Ferdinand R. Marcos, Jr. will invite potential investors to provide capital to his proposed sovereign wealth fund at the World Economic Forum meeting...

Economy

THE Philippine business delegation to the Davos conference in Switzerland was led by the heads of some of the country’s biggest blue-chip companies representing...

Economy

THE bulk of the Philippine diet enjoys protection from import competition, according to the Philippine Institute for Development Studies (PIDS), a government think tank....

Dislaimer: FutureMoneyFate.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


Copyright © 2023 FutureMoneyFate.com All Rights Reserved. Spirit