Calabarzon and Northern Mindanao are set to receive a large chunk of the P500-million fund allotted by the national government for the construction of shared processing facilities for the coconut industry.
Under Republic Act 11524 or the Coconut Farmers and Industry Trust Fund Act, the PhilMech will spearhead the implementation of the SPF program, akin to the mechanization component of the rice competitiveness enhancement fund. “To qualify, target beneficiaries or project proponents should be duly registered coconut farmers’ cooperatives with the Cooperative Development Authority with more than 100 members, and has a total of 5,000 coconuts daily production,” Director Alvindia said.
Alvindia said the SPF program will enable coconut farmers’ cooperatives to produce coconut oil while sourcing their raw materials from smaller farmer cooperatives. Citing data from the United States Department of Agriculture, PhilMech said the Philippines is still the world’s top coconut oil producer with an estimated output of 1.668 million metric tons followed by Indonesia with 1.025 MMT
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: inquirerdotnet - 🏆 3. / 86 Read more »