In the midst of a global financial malady that has not spared the Philippines, the country’s banana industry is steadfastly expanding both production and exports.
The banana industry in Mindanao is one of the few in the region that have not gone backwards in recent months, according to Business World Online.
“The expansion is being done cautiously,” said Anthony B Sasin, a spokesman for the Pilipino Banana Growers and Exporters Association (PBGEA). The PBGEA is a coalition of over a dozen banana producers and exporters, and ship out roughly US$400m of the fruit each year.
Mr Sasin said the cautious approach was needed because bank lending had become stricter for growers. He said the tightened lending standards could become a problem for the industry is the economic downturn lasts more than a year.
The driving force behind the expansion in such gloomy times was the Iranian and Russian markets, which have seen growing demand for Philippine bananas.
Two-thirds of the country’s banana production is exported to Japan, according to Business World, which itself saw a surge in demand in the past year due to a banana-based diet craze.
Business World reports an unidentified company has been scouting for 3,000ha of land in the Philippines suitable for a banana plantation.
