The Ps10m (approximately $200,000) cash stimulus was delivered to Emmanuel Pinol, secretary of state for the Philippines Department of Agriculture.
It comes as the country’s controversial president Rodrigo Duterte aims to strengthen the competitiveness of the Philippines’ farming sector by improving sustainability, among other things.
Under Duterte’s agricultural development policy, the president wants to see farmers improve their profitability and productivity and has committed funds to invest significantly in the country’s agriculture sector. Plans include buying modern farming technology and equipment to replace ageing machinery, as well investment in infrastructure to reduce logistics costs.
Thailand’s government has also encouraged large private sector companies to make investment overseas to develop agricultural practices in south-east Asia.
CPF Philippines said the farming fund not only focused on agricultural development but also satisfied its ‘Three Benefits to Sustainability’ philosophy. This ethos underpins all CPF operations and any business growth has to benefit the country, the people and the company.
Thai-owned CPF set up subsidiary CPF Philippines to manage production in the country. In the Philippines, it produces animal feed for chickens, pigs and prawns and its meat production is set up to supply food for the domestic market.