Commodity Trading News and Updates

 

The Philippine banana industry


The Philippine banana export industry is the 3rd biggest in the world and the only Asian country among the top 5.

 

The Philippine banana industry is the 5th largest export industry in the country and the 2nd biggest in Mindanao. In terms of local tax contribution, the banana industry remitted about PhP389 million worth of local taxes in 2008, including Business tax, Real property tax, Residence Certificates of Employees, Withholding tax of employees, Withholding tax at source, and Income tax.

 

The Philippines is one of the world’s top banana exporters with much of the fruits being grown in Mindanao. Its major markets include Japan, South Korea, China and New Zealand. In 2010, the total export earnings for fresh Cavendish bananas amounted to $720 million. China is the country’s second biggest export market for bananas next to Japan.

 

Malacañang is eyeing the export of bananas to Singapore to help local banana farmers affected by the stricter entry requirements imposed by China, which allegedly found pests in the fruits from the Philippines but resumes its exports recently.

 

 
 
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