"The herbal-supplement industry is a sunshine industry that should be cultivated by the government," said Lito Abelarde, president of Herbcare, which produces the ampalaya-based food supplement Charantia.
He pointed out that based on yield alone, an ampalaya plantation can produce an average of P500,000 per hectare worth of output, much higher than the P20,000 average yield per hectare in sugarcane plantations, for example.
Thus, Abelarde stressed an ampalaya or other herbal plantation would bring in more economic benefits since this would harness more local resources and directly benefit local farmers.
Abelarde added the ampalaya and herbal supplement business also has huge export potential since these products are now fast gaining popularity abroad.
Steve Stefanki, Herbcare’s exclusive US distributor, noted that there is a multi-billion dollar market in the US as more Americans now shift to these natural-based food supplements to improve their health. Ampalaya extract is widely recognized to effectively control diabetes.
However, Stefanki said the Philippines faces stiff competition from India and Thailand which are likewise eyeing the lucrative US and other foreign markets for their own natural-based food and drug products.
Hence, Abelarde added the government should quickly move to help the local supplements industry get ahead of competition by promoting the industry through the grant of tax incentives and marketing and promotional support.