Investments in Filipino bananas increase
In the Philippines, bananas are not only tasty treats for many residents, but these fruits also provide significant support to the local economy. In fact, banana plantations around the Philippines have noticeably impacted the republic for years and will continue to deliver substantial assistance to several of its businesses and residents.
According to BusinessWorld Online, AgriNurture, an importer of various fruits, will invest up to $24 million in Filipino banana plantations. AgriNurture’s announcement came at the International Food Expo Philippines in May 2013, and the investment could help the company increase its profits. Additionally, AgriNurture president Antonio Tiu said that his firm takes an aggressive approach in its operations and expects a significant return on its Filipino banana plantation investment.
More Filipino banana shipments are coming to the U.S.
Filipino residents who live in the U.S. and send money to family members back home may soon have plenty of opportunities to enjoy Filipino bananas. BusinessMirror reports that more Cavendish bananas are expected to be shipped to the U.S. in 2013, which could significantly impact the Philippines and its citizens. By sending more bananas overseas, the Philippines may increase its revenue and attract additional investors from around the globe.
National Economic and Development Authority (NEDA) representatives noted that sending Cavendish bananas to the U.S. may help the republic’s economy for the next few years. Emmanuel Esguerra, NEDA deputy director general, stated that Filipino officials are also exploring opportunities to export sugar to more nations as well.
Overall, Filipino exports totaled $343.9 million in February 2013, up 43.7 percent on a year-over-year basis.
Filipino leaders consider myriad ways to manage expenses
Esguerra told Malaya that new processes and policies are necessary to help the Filipino economy, particularly for banana and sugar exporters.
“Exporters have been affected negatively by the strong peso,” Esguerra told the news source. “This can be overcome by better infrastructure, efficient logistics, lower power costs and other measures to reduce the cost of doing business.”
The Philippines Bureau of Plant Industry noted that 3 million kilograms of bananas were scheduled to be shipped to the U.S. in April. Between February 2012 and February 2013, Filipino banana exports rose 96 percent, and refined sugar exports also increased 27 percent. By providing new exports to the U.S., the Filipino economy could further boost its profits.