The coffee industry in the Philippines has received P500-million (US$11.2 million) funding to boost production in the country, which imports P7 billion a year.
Philippine Coffee Board Inc. (PCBI) Chairman Nicholas Matti said the fund has been extended through a grant by the Peace and Equity Foundation (PEF), which sponsored the successful 7th National Coffee Summit held recently in Davao. The private sector-led PCBI has organized the summit.
“The Peace and Equity Foundation sponsored the event to offer its impact investment funds to the coffee sector,” said Matti in a statement.
The P500-million funding would be used for impact investments in social enterprises in coffee, cacao, coconut, cane sugar and climate-smart agriculture.
The Philippines only yields 700kg/hectare on the average, but this can be increased to address supply shortfall and save about P7 billion a year in coffee imports.
Coffee consumption continues to rise year on year by 2-3%. The PCBI has been celebrating and promoting local coffee for more than 12 years now. Though numbers in Luzon are diminishing especially in former coffee centers like Batangas and Cavite, Mindanao shows more promise.
PHILIPPINES – Coffee industry gets US$11 million funding
