Bantay Palengke, an advocacy network focused on food and household goods, today called on the government to develop and provide the necessary support for the coconut oil industry for its economic potential.
According to Bantay Palengke Convenor Lester Codog, “We know that coconut oil is a high value product and the international demand for it is high. It is about time that our government see coconut oil’s great potential and maximize it for our farmers and our economic progress.”
Codog mentioned that coconut oil is a key ingredient for various bath and cosmetic products such as soaps, shampoos, and make up.
“It is common knowledge how in-demand cosmetics are nowadays as more consumers become aware of the importance of self-love and personal care. In fact, the USD 262.21 billion-worth global cosmetics industry experienced 15.26% revenue growth from 2021 to 2022. Analysts say that the industry is expected to further expand from 2023 to 2030. With this, we think it is important for our government to ensure that we will have our share of the pie by being one of the top, if not the top, exporters of coconut oil, a very important ingredient of several cosmetics,” Codog explained.
Codog added that coconut farmers will ultimately benefit from a government program that promotes coconut oil in the international market.
“With the support of the government, we think the officials and personnel at the Philippine Coconut Authority can lead the way in effectively crafting programs that will successfully place Philippine coconut oil on the world map. Farmers and consumers will surely support such initiatives and such a development will truly reflect the unity this government has been pushing for from the start,” Codog said.