10 Israeli firms looking into PHL agritech investments
By Adrian H. Halili, Reporter
THE Israeli ambassador said 10 companies from his country are currently considering agriculture technology ventures in the Philippines, noting the opportunity to raise production in rice, which the Philippines currently needs to import, and in high-value crops, where export potential is limited due to inadequate volumes.
“The challenge here is more about identifying resources in order to have the joint ventures, or co-investments,” Ambassador Ilan Fluss said on the sidelines of an agriculture forum on Thursday.
He added that Israeli companies have taken note of the challenges the Philippines is experiencing in rice and various high-value crops, to the extent that farmers cannot meet domestic demand.
The Philippines imports 20% of its rice requirement. It also imports, among others dairy, meat, and corn, where domestic production falls short of demand.
“Through implementing innovative technologies, productivity can grow,” he said.
He described the potential investors as representing “a wide range,” though some of them “are really new to the market and looking for new opportunities as part of their global expansion.”
He said Israeli companies can supply agricultural technology or services with the help of local partners.
He noted that the rate of technological adoption by small-scale farmers has been slow.
“I do recognize that really small-scale farmers, especially in the rice sector, have difficulty engaging in modern or commercial farming,” he said, noting the broader difficulties in integrating such farmers into the mainstream economy.