DAR WOOS US FIRMS: INVEST IN PH AGRICULTURE
AGRICULTURE Secretary William Dar has urged American firms to invest in Philippine agriculture to help rural communities and ensure food security.
He also asked them to support the country’s digital transformation to create new revenue streams for local farmers.
“Agriculture can be the backbone of the Philippine economy. Let’s invest in it,” Dar said during a virtual meeting between the Department of Agriculture and 25 companies of the United States-Asean Business Council (USABC).
He delivered a presentation showing the effects of the coronavirus disease 2019 (Covid-19) pandemic on Philippine agriculture.
Dar welcomed the dialogue on how USABC companies can further work with the Philippine government in building back a more resilient food system for improved livelihoods, nutrition and health as the world recovers from Covid- 19.
Dar and USABC Chairman, President and Chief Executive Officer Alex Feldman signed a memorandum of understanding (MoU) to strengthen agricultural cooperation with the Philippines.
They vowed to enhance agricultural economic relationship and agreed to promote the role of international trade and foreign investment in improving food security and strengthen the role of the agricultural sector as an engine of growth.
They forged cooperation on livestock production and animal health, agricultural trading and investment, plant science, agricultural technology and digital agriculture, food safety, inclusive business and sustainability.
Feldman said USABC was looking forward to working with the DA and was eager to transform the MoU into doable actions.
The MoU aims to increase two-way agricultural trade, encourage agricultural investment and enable inclusive growth between the Philippines and the US.
A total of 16 US companies in food and agriculture sector were identified in the MoU as USABC participants, namely Abbott, Archer Daniel’s Midland, Bayer, Cargill, Coca- Cola, Corteva Agriscience, Elanco Animal Health, Herbalife Nutrition, John Deere, MSD Animal Health, Nestle Purina, PepsiCo, Reckitt Benckiser, Scoular, Tyson and Yum! Brands.
The engagement between Dar and USABC was part of the latter’s 2020 Senior Executives Business Mission meetings with the Philippines.
He discussed the Agriculture department’s plan to reboot the Philippine socioeconomic recovery and resiliency following a Food Security Framework using five strategies — farm consolidation, modernization, industrialization, export promotion and infrastructure development.