Philippines, Malaysia private sector groups sign MOU to explore joint agri dev't

MANILA, Philippines — Malaysian and Philippine private sector groups signed a joint agreement at the heels of President Ferdinand Marcos Jr.’s state visit to explore joint agricultural development.

Details surrounding the signed memorandum of understanding underscored efforts to spur development in palm oil, rubber and other agricultural commodities that may thrive in both Southeast Asian nations.

The MOU is also looking into the possibility of mounting joint studies and mentorship channels to spur agricultural development, as well as pinpoint business requirements for trade and investment opportunities around those commodities. 

A statement on Wednesday explained the initiative will be patterned after Go Negosyo’s Kapatid Angat Lahat sa Agri Program, which will integrate small farmers into the value chain of large companies. 

”We have already several of these big-brother models in the Philippines covering prime commodities like tobacco, coconut and rice, with large Philippine companies like Universal Leaf, Lionheart Farms and Yovel East successfully implementing their inclusive models in the communities where they operate,” said Joey Concepcion, chair of the ASEAN Business Advisory Council Philippines. 

As it is, the MOU was signed on behalf of the ASEAN BACs of Malaysia and the Philippines.