Philippines is set to receive an investment worth P500m in its poultry industry next year due to strong domestic demand and opening of new foreign markets, Philippines Department of Agriculture said.
Manila Bulletin cited Agriculture undersecretary for livestock Jose Reao as saying that the local industry players are expected to deliver this investment, with 80% investment coming from new players, while 20% investors will be old.
Reao was quoted by Manila Bulletin as saying: "The business is worth about P300m, another is P99m, and the other one on layers is P179m, but expanding to P450 million."
He also said that some of the projects have already started and a foreign investor is expected to invest next year.
With these investments, the Philippines poultry industry is aiming to utilise the demand for chicken in South Korea, Japan and the Middle East.
San Miguel's chicken dressing plants in Quezon province had received the sanitary and phytosanitary approvals from United Arab Emirates earlier this year, Philstar reported.
Meanwhile, Bountry Fresh had secured accreditation from the Korean Quarantine Inspection Agency for chicken exports last year.
