A seminar on Philippine food and agriculture investment opportunities was recently organized by The Global Filipino Investors (TGFI) Singapore community. The event brought together Filipinos working in the city-state who are interested in putting up their own agricultural businesses.
Philippine Trade & Investment Centre(PTIC)–Singapore Commercial Counsellor Glenn Peñaranda was invited to present on business opportunities in agribusiness. He highlighted that Agriculture/Agribusiness and Fisheries is one of the preferred investment sectors in the Philippine Investment Priorities Plan (IPP) and that its continued growth and development is important in promoting inclusive economic growth. Many Filipinos who work overseas come from agricultural areas and have strong interest in opportunities in this sector.
Commercial Counsellor Peñaranda also discussed food trends in the Philippines, mentioning that food is the biggest part of the Filipino household consumption and presents many opportunities. He also discussed the increased foreign interest in sourcing food from the Philippines and the challenges in meeting demand, thus the importance of increasing supply of many food items.
In 2014, food trade between the Philippines and Singapore increased by 25 percent, totaling US$137 million. Processed, fresh, beverage and marine categories are the top exports to Singapore. The market in Singapore includes the affluent and quality-conscious Singaporean consumer, the increasingly growing Singaporean food service industry, the large Filipino community, the ship chandling industry and the neighboring regions.
Practical tips on hog-raising and mushroom-farming were also shared by Filipino workers based in Singapore. Founded by Filipino investors and entrepreneurs in different parts of the world, TGFI is a community geared to promote financial literacy to improve the financial well-being of every Filipino. For the past two years, the group has been advocating financial literacy through meetings and seminars.
PTIC-Singapore Commercial Counsellor Glenn Peñaranda urges Singapore-based Filipino workers to consider food and agri-business opportunities in the Philippines