Two weeks ago, the chief of the Department of Agriculture (DA) raised the possibility that the Philippines has become a dumping ground for cheap palm oil. (See “Surge in palm oil import raises fears of dumping,” BusinessMirror, November 23, 2018). The figures cited by Agriculture Secretary Emmanuel F. Piñol are, indeed, quite alarming.
Two weeks ago, the chief of the Department of Agriculture (DA) raised the possibility that the Philippines has become a dumping ground for cheap palm oil. (See “Surge in palm oil import raises fears of dumping,” BusinessMirror, November 23, 2018). The figures cited by Agriculture Secretary Emmanuel F. Piñol are, indeed, quite alarming.
Piñol revealed that palm oil imports jumped 900 percent to 200 million kilograms in 2017, from just 20 million kg in 2016.
Overproduction in countries regarded as major palm oil producers pushed the price down. Palm oil can influence the movement of international prices because it accounts for more than a third of vegetable oils being traded worldwide. And, according to the Philippine Coconut Authority (PCA), the price of palm oil has gone down steadily since December 2017.
See full article at Business Mirror
