(Source: Inside Retail Philippines | 22 August 2016)
As food retailing grows in the Philippines, the government has launched an innovation hub catering to the processed food industry.
The Department of Trade and Industry opened the new Food Connection Innovation hub in collaboration with the Department of Science and Technology.
The new Philippine food hub was launched through DTI’s Philippine Trade Training Center (PTTC).
There are about 500 processed food (micro, small and medium enterprises) MSMEs that are registered as Philippine Exports Confederation members. These enterprises are expected to benefit in different trade assistance that the hub will provide to further their export products in penetrating the global market.
“With the growing opportunities in the food sector and the anticipation of the huge market demand for innovative food products in the ASEAN economic community integration, we would like to provide areas of assistance for our entrepreneurs specifically those processed food MSMEs,” said PTTC executive director Nestor Palabyab.
The processed food industry is set to create demand in the growing market abroad especially with the rise of healthy food products, and Halal-certified products in non-Muslim regions.
Through the food connection innovation hub, DTI-PTTC also expects to promote networking among key players and venture capitalists in the sector to establish collaboration and develop viable business strategies.
The Philippine Statistics Authority reports there are 127,518 established MSMEs in the food and accommodation sector as of 2014. These numbers are expected to grow as the Philippines prepares for the full ASEAN integration.