In line with President Ferdinand R. Marcos Jr.’s directive to strengthen the fiber industry and expand global market opportunities for Philippine products, the Philippine Fiber Industry Development Authority (PhilFIDA) held a meeting with the Banque de France and the French Embassy to discuss the potential use of Philippine abaca in banknote production. Supported by the Department of Agriculture (DA) under Secretary Francisco P. Tiu Laurel Jr., this initiative seeks to highlight abaca as a world-class, sustainable fiber that embodies both economic and cultural significance.
The discussion was led by PhilFIDA Executive Director Ali Atienza, together with key representatives from France, including Mr. Pierre-Yves Boissinot of the Banque de France, Mr. Michael Barret, a Research and Development Manager, and Mr. Matisse Gauthier from the French Embassy. The IAD Europe Desk Officer and officials from PhilFIDA were also in attendance.
Abaca, widely known as Manila hemp, is a biodegradable, renewable, and highly durable fiber. The Philippines supplies about 85% of the world’s abaca, making it a vital contributor to the global market. By exploring its application in currency production, PhilFIDA aims to strengthen international recognition of abaca, elevate the livelihood of local farmers, and align with worldwide sustainability efforts to reduce plastic use.
Through continuous collaboration with international partners, PhilFIDA reaffirms its commitment to promoting the Philippine fiber industry on the global stage. The initiative to position abaca as a sustainable alternative for banknote manufacturing reflects the administration’s vision of boosting agricultural competitiveness while upholding the country’s identity and pride in its natural resources.
