US agri investment mission due this weekend

MANILA, Philippines - The Philippines is hoping to attract more US investments in the agriculture sector, as well as increase trade between the Philippines and the US during a four-day visit by US Agriculture Secretary Tom Vilsack and a 20-delegation agribusiness group.

Vilsack and the visiting delegation are scheduled to arrive in Manila this weekend for a four-day mission to further strengthen trade and investment ties between the two countries in such fields as fisheries, biofuels, livestock, poultry and dairy production.

The US Agribusiness Trade and Investment Mission will meet with President Arroyo and Cabinet executives led by Agriculture Secretary Arthur Yap, along with officials of almost 200 local companies and the International Rice Research Institute (IRRI).

The itinerary of the Vilsack-led mission includes a business forum at the Shangri-La Hotel in Makati City; agricultural briefings, laboratory tours and a palay harvesting activity at the IRRI headquarters in Los Baños, Laguna; a milk and biscuit distribution in a public elementary school as well as a tour of a private flour mill.

According to the USDA, this mission’s goal is “to promote trade and investment, particularly in the fisheries, biofuels, processed goods, beverages, meat and poultry, dairy products, agricultural machineries and equipment sectors.”

“Participating US companies will have the opportunity to form partnerships and joint ventures with Philippine companies,” added the USDA in a report.

Manila-Washington trade in agricultural products went up 23.22 percent to $971.7 million last year from $787.9 million in 2007, based on data from the Bureau of Agricultural Statistics (BAS).