By Marinel E. Peroy
Ten Malaysian companies participated in Malaysian embassy’s Trade and Networking BizMatching events and met with their Filipino counterparts at Dusit Thani Hotel in Makati City on Friday (July 26).
The event, which forms part of the 60th anniversary celebration of the diplomatic ties between Malaysia and the Philippines, highlights the pivotal role of the palm oil industry in Malaysia’s economy.
In his speech at the event, Malaysia’s Ambassador to the Philippines Dato’ Abdul Malik Melvin Castelino said Malaysian palm oils are of good quality, cultivated in a sustainable manner, and produced with cutting-edge technology and innovation.
“As of May 2024, 85.9% of oil palm estates and 91.1% of palm oil mills in the country had been certified under Malaysian Sustainable Palm Oil (MSPO),” the ambassador said.
“Recently, the Philippines established its first palm oil refinery in SOCCSKSARGEN Region which will produce palm oil derivatives such as palm olein, palm stearin, margarine, and other products… I am positive that the palm oil sector in the Philippines will continue to develop and grow,” he added.
The ambassador said that aside from food manufacturing, Malaysian palm oil can also contribute to the other industries, as cooking oil in hotel chains and restaurants and as oleochemicals for personal care and household products.
Palm oil growth and opportunities
Rina Mariati Gustam, regional manager for Asia-Pacific of the Malaysian Palm Oil Council (MPOC), said that growth areas are in baked goods, packaged food, and food service, while opportunities are in the packed edible oil market.
According to an MPOC report, Malaysia’s palm oil exports are expected to rise by 480,000 tons (3.1%), reaching 15.6 million tons in 2024.
Gustam said Malaysia’s top 5 export country destinations in the region are: China, Japan, South Korea, Vietnam, and the Philippines. The Philippines ranks fifth importing 441,965 tons in 2023.
She said a Malaysian Palm Oil Forum will be organized on October 8 and 9 at the Shangri-La in Kuala Lumpur, Malaysia.
In an interview with THEPHILBIZNEWS, Global Specialty Ingredients (M) Sdn. Bhd. (GSI) CEO Datuk Dr. Robert Basker said that his company’s palm oil-based emulsifiers are top-notch in compatibility and palatability. He highlighted their unique approach for their products, which include confectionery fats, baked goods, and ice cream dairy alternatives.
Basker said GSI has been a supplier to Jollibee and Universal Robina Corporation, hoping to grow business here in the country by doing frequent visits moving forward.
The nine other Malaysian companies present at the bizmatching event were: Wilmar Philippines, DelimaPalm Products Sdn. Bhd., SOP Foods Sdn. Bhd., Iffco SEA Sdn. Bhd., Able Perfect, Palmtop Sdn. Bhd., Tristar Global Sdn. Bhd., Oilnco Industries, and Mac World Group.
Synergy with the halal industry
On the halal industry, Ambassador Castelino said that halal certification “will result in promoting sustainable practices in palm oil production,” and would make Malaysia a leading supplier of halal products.
The ambassador announced the world’s biggest halal showcase on September 17-20 at the Malaysia International Trade and Exhibition Centre (MITEC in Kuala Lumpur to be attended by various halal sectors such as ingredients, retail, modest fashion & lifestyle, pharmaceuticals, Islamic finance, and fintech.
He said the embassy supports the recently-launched Philippine Halal Development Strategic Plan, which aims to make “the Philippines a premier halal gateway and destination in the region,” and the First Halal Expo Philippines to be held in November.