Phl at forefront of fight vs coconut oil backlash

The Philippines is set to lead the Asian and Pacific Coconut Community (APCC) to counterattack the recent backlash on the coconut oil industry, deeming it unhealthy and unfit for the heart.

Philippine Coconut Authority (PCA) administrator Romulo dela Rosa said the organization would meet in Jakarta, Indonesia on Tuesday to craft a response to the controversial report of the American Heart Association which placed anew the coconut oil industry in a bad light.

“We need to respond. While the Philippines is not the only one involved here as there are other coconut oil producing countries, we need to lead the response because we are the leading exporter,” dela Rosa told The STAR.

“We will have a meeting to have an organized, collaborative way on how to respond to the issue. It is important that the Philippines is not alone in this matter as we are being joined by other member states,” he said.

The group will also verify whether rumors are true the report is being backed by pharmaceutical and drug companies.

The APCC is an intergovernmental organization of 18 coconut-producing states in the Asia-Pacific region, including the Philippines, which aims “to promote, coordinate and harmonize all activities of the coconut industry.”

The organization accounts for over 90 percent of world coconut production and exports of coconut products.

Furthermore, Dela Rosa said he had a meeting with local industry stakeholders and producers to discuss whether exports have been affected already.

“According to them, there’s no withdrawal of orders yet. The effect will not be felt in an instant in terms of income but we should not downplay this. This might have a long term impact on the consumption globally,” he said.

As of June, coconut oil price reached $1,661 per metric ton (MT) compared to palm oil which averaged at only $608 per MT and soybean oil at $690 per MT.

The Philippines, exported 313,000 MT of coconut oil valued at $459 million in the first four months.

This year, prospects for the local industry is much better compared to last year when the country reeled from the effects of the El Niño phenomenon.