Philippines: Oilseeds and Products Annual
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The Philippines is the largest market for U.S. soybean meal and the world’s top coconut oil (CNO) exporter. The African Swine Fever outbreak in August 2019, coupled with effects of the novel coronavirus disease (COVID-19) pandemic will result in flat overall meat demand and consequently feed consumption in MY 19/20. COVID-19 quarantine restrictions imposed on the main island of Luzon are set to be lifted on April 13, 2020. Assuming the pandemic abates and overall economic conditions improve in late 2020, feed demand is expected to increase as consumer spending and meat consumption recover in MY 20/21. For CNO, industrial consumption will increase considerably in the next two years due to an increase in the mandated biodiesel blend from two to three percent in MY 19/20, and from three to four percent in MY 20/21.
