October 28, 2009
US mulls new investments in the Philippines
US agriculture secretary Tom Vilsack is visiting the Philippines as the US is considering the possibility to pour feed and meat investments in the Asian country.
The US agriculture secretary was accompanied by several representatives of US businesses, including meat and grains producer Cargill, meat and milk producer American Trading Services, aquaculture firm Verdant Ocean, feed miller Novick Industries, dairy producer Land O' Lakes, and renewable energy producer EcoVative Resources.
Novick President Luyi V. Ogbebor said he was looking at "possibilities of establishing a joint venture for a feed mill plant for animal feed." He added that Novick might invest US$10-US$15 million for a feed and flour processing plant in the country.
Verdant Ocean President Denzil Nicholson, meanwhile, is looking at "aquaculture projects and sustainable seafood production in the Philippines." Nicholson said his company could invest about US$2 to US$3 million.
Roberto C. Amores, vice-president for agriculture of the Philippine Chamber of Commerce and Industry, Inc said the investors will not invest in rehabilitation so the government has to rehabilitate and lay out infrastructures to pave the way for foreign investments.
In 2008, US farm products sold to the Philippines reached US$1.77 billion, a record high. During the same period, Philippine agricultural products exported to the US reached US$1.24 billion.