Agriculture Secretary Francisco P. Tiu Laurel Jr. has underscored the immense potential of Philippine agriculture to investors from Brunei, emphasizing the country’s burgeoning domestic market, export prospects, abundant natural resources, and investor-friendly business environment.
Accompanying President Ferdinand Marcos Jr. during his recent visit to Brunei, Secretary Tiu Laurel participated in discussions aimed at deepening economic and diplomatic ties between the two ASEAN member nations. Also in the trip are other Cabinet secretaries and lawmakers led by House Speaker Martin Romualdez.
During a forum with business groups in Brunei, Secretary Tiu Laurel outlined various agri-trade and agri-business opportunities ripe for foreign investment in the Philippines.
“Our President’s visit figures to further invigorate bilateral relations between the Philippines and Brunei in various areas. The Philippine Department of Agriculture is certain that this remarkable event will lead to partnerships and collaborations that will further deepen our economic ties in the field of agriculture,” the agri chief told the business forum.
He said that with a population exceeding 110 million and a burgeoning middle class with evolving consumption patterns, the Philippines offers a robust domestic market for agricultural products and premium food commodities.
The DA chief also highlighted the country’s strategic geographical location that positions it as a gateway to lucrative export markets in the West, with strong demand already existing for key products such as bananas, coconuts, and pineapple.
“The Philippines still has an export potential of approximately USD2.7 billion for tropical fruits and vegetables, USD452 million for fish and shellfish, and USD2.2 billion for processed foods and beverages. Stimulating this potential are our preferential trade agreements with other countries,” the agri chief said.
He also emphasized the country’s abundant land and fishery resources, which serve as a foundation for agro-processing, and its sizable rural population, offering a significant pool of human resources for the agricultural sector.
“The country is a fertile ground for trade partnerships and agribusiness investments. We are inviting investors to collaborate with our private sector and institutions and leverage technological advances for productivity gains. Investors can also contribute to sustainable practices and build resilient supply chains. Foreign investors can benefit from various incentives, tax breaks, and streamlined processes which the Philippine government offers,” Sec. Tiu Laurel said.### (photo grabbed from Bongbong Marcos FB page)
