A Filipino banana exporter has revealed that it is planning to increase the size of its banana plantation during the second quarter of the year as it looks to meet growing demand for the fruit in key overseas markets.
La Frutera Inc, based in Mindanao, could increase its 1,000ha production area by 50-100ha in the second quarter, according to group president and chairman Senen Bacani.
'As we generate more cash, we can have additional planting,' Mr Bacani told Business World Online, adding that the extra acreage could help the company increase revenues by 10 per cent.
According to Mr Bacani, the group currently exports around 60 per cent of its more than 5m of boxes of Cavendish bananas to the Middle East, with the rest of the fruit heading to neighbouring Asian countries such as Japan, Korea and China.
Overall, the Philippines accounts for nearly 20 per cent of world banana exports, with production increasing by 5 per cent during the first quarter of 2009 to just over 2m tonnes.
Exports of bananas and banana products such as banana chips increased by 6.7 per cent to 537,000 tonnes through the first quarter, at a value of US$101m, according to Business World Online.
