Ares Merchants aiming to export over $2B worth of coconut oil

Vegetable oil supplier Ares Merchants Philippines Inc. (AMPI) is aiming to export around $2.768 billion worth of coconut oil from 2025 to 2035 with the goal of strengthening the country's coconut industry. 

In a press release on Monday, AMPI said it is positioned to transform the coconut oil supply chain. With its significant presence in Europe, particularly in the Netherlands, AMPI is set to operate its own refinery in the EU by 2025. 

"Traditionally, major buyers and refineries, established by the US and Europeans, have benefited from adding value to crude coconut oil. To change this, AMPI plans to refine the coconut oil in the first Philippine-owned refinery in Europe and sell it directly to end-users starting in the EU market," Jose Leonardo Tañada, AMPI’s managing director, said.

"This shift will empower our local farmers and MSMEs, ensuring that they benefit directly from the value-added process." he added. 

He noted that by selling coconut oil in the EU, the cooperatives can benefit from a financial premium, generating more than $2 million on a yearly basis.

''This collaboration not only enhances the income of local farmers but also strengthens the overall coconut industry in the Philippines,"  Tañada said.

Tañada recently attended the 2024 Presidential Awards for Outstanding MSMEs and Presidential Recognition for Outstanding Development Partners in Malacañang.

President Ferdinand ''Bongbong'' Marcos Jr. honored MSMEs for their achievements in revenue generation, sustainability, social justice, and ecological awareness.—Anna Felicia Bajo/AOL, GMA Integrated News