CALASIAO, PANGASINAN—Bringing together over 120 industry stakeholders, including bangus (milkfish) producers and cooperatives, cold chain operators, logistics providers, and prospective investors, a resounding commitment has been made to explore the potential of cold chain to support the further expansion of the Philippine Milkfish Industry.
Championing the bangus industry in Pangasinan, the participants gathered at the Cold Chain Investment Forum on 28 February 2024. The Philippine Board of Investments (BOI) and USDA-funded project Building Safe Agricultural Food Enterprises (B-SAFE) organized the event to emphasize the significance of cold chain development in leveling up the country’s bangus industry.
BOI’s Resource-Based Industries Service Director Raquel B. Echague highlighted the investment opportunities and incentives in cold chain operations. Notably, 3M Dragon Logistics Corporation presented their current business operations while Royale Cold Storage CEO affirmed how their company is benefitting from the fiscal and non-fiscal incentives offered by the government after successfully registering multiple cold storage projects with the BOI.
According to B-SAFE, an estimated 22,444 metric tons (MT) of milkfish in Pangasinan need post-harvest processing and application of a cold chain system to improve the quality of trade and consumption.
Hence, it underscores a substantial opportunity for potential gains of around USD 126.71 million, contingent upon sufficient investments to enhance processing, handling, transport, and distribution systems, along with the establishment of an efficient coordination mechanism across the industry.
Pangasinan contributes 39% (138,818.74 MT) to the Philippines’ milkfish production, accounting for 52% of the country’s milkfish trade in 2023.
Dr. Ramon Clarete, Senior Policy Adviser of the Building Safe Agricultural Food Enterprises (B-SAFE) Project underscored the need to attain a fully functioning cold chain system for food safety, especially for export.
In addition, the investment forum also featured presentations on the industry status of milkfish in the Philippines by Ms. Mary Ann Solomon of BFAR-RFO I; financing opportunities by Mr. Cesar Ulpindo of the Land Bank of the Philippines (LBP), Mr. Jayson Balcita of Development Bank of the Philippines (DBP), and Mr. Manolito Casingal of Small Business Corporation (SB Corp).
On the other hand, Mr. Manuel Azucena discussed the initiatives of the United Nations Industrial Development Organization (UNIDO) through its Food Cold Chain Project specifically the Cold Chain Innovation Hub. The prospective investors were also given opportunities to inquire further through one-on-one consultations with the BOI, DA, UNIDO, SB Corp, LBP, and DBP.
The forum was successfully conducted in collaboration with Department of Trade and Industry (DTI) – Region 1, DTI-Pangasinan, Bureau of Fisheries and Aquatic Resources Region Fisheries Office 1, Cooperative Development Authority Extension Office 1, and the Cold Chain Association of the Philippines. ♦
Date of release: 15 March 2024
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