2018 at 3.3 million MT. By the end of this year, the total SBM stocks would be at 291,000 MT.
SBM serves as the major protein source and base ingredient for nearly all poultry and hog diets.
Moving forward, the USDA said the domestic hog and chicken industries "continue to be the bright segments of Philippine agriculture."
Overall, the livestock sector gained 1.1 percent in 2017 from the 2016 level with hog production expanding 1.5 percent. Poultry’s output grew 4.6 percent in 2017 compared to the previous year with chicken production gaining 4.3 percent despite an avian flu outbreak in August 2017.
In 2017, next to rice (which traditionally accounts for a quarter of farm output), domestic hog and chicken production were the top contributors to Philippine farm output with shares of 15 and 12 percent, respectively.
For this year, USDA also sees the country’s soy bean oil (SBO) imports to reach a three-year high of 40,000 MT.
This, as the consumption may increase by 7.69 percent to 70,000 MT due to the growing retail food industry, according to the Gain report.
“SBO is mainly used for mayonnaise and salad dressings, and the local industry does not consider it to be a complete CNO [coconut oil] substitute,” GAIN said.