The Philippines to boost investments in rubber production

According to an article in GMANews.tv by Cheryl M. Arcibal, "The Philippines will be boosting investments in rubber production, helping industry efforts to supply a tenth of global demand by 2020. An official of a commercial crop program told reporters on Friday that the Philippines seeks to supply 10 percent of the total world demand—some 800,000 metric tons of rubber by 2020—from one percent currently.

The country is expected to earn $960 million in revenues, Rene Rafael Espino, GMA High Value Commercial Crops national program coordinator, told reporters on the sidelines of the 4th Asean Rubber Conference in Pasig City. "The government is investing P70 million this year for the industry and P220 million the next year," Espino said. He added that the government intends to shoulder 60 percent of the industry’s total investment requirement.

Espino also said that until the year 2020, the government is also aiming to increase the area of rubber plantation to one million hectares from the current 100,000. He added the government is encouraging Thai Hua Rubber Public Co. Ltd. to invest in the country. Sources from the conference also said that Bridgestone Corp., a Japanese rubber conglomerate and one of the world’s largest tire companies, is being asked to invest in the country."

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