PhilFIDA's Plea for P70 Million Fund to Revitalize Abaca Production and Assist Affected Farmers

Date Posted 9 November 2023

On October 17, around 13,000 abaca farmers in Catanduanes received food aid from the Department of Social Welfare and Development (DSWD). Representative Jose "Bong" Teves Jr. of the Talino at Galing party-list requested this assistance due to the financial challenges faced by these farmers. Over the past two months, abaca prices have plummeted. High-grade abaca, which previously sold for P102 and P98 per kilo before the 2020 pandemic, has now dropped to P80 and P60 per kilo as of July 2023. Similarly, low-grade abaca, valued at P78 per kilo in 2019, has decreased to just P25 per kilo, severely impacting profitability.

In response to this pressing issue, the Philippine Fiber Industry Development Authority (PhilFIDA) has submitted a formal request for an additional P70 million in funding. This allocation aims to support the improvement of abaca farming in the Bicol region and other areas. Representative Teves has endorsed this appeal with the Department of Budget and Management, with the primary aim of providing farmers with hybrid abaca varieties that promise enhanced production capabilities.

Mary Anne Molina, Officer-in-Charge of PhilFIDA Regional Office V, continues to emphasize the importance of cultivating high-quality abaca. Her rationale is grounded in the fact that both local and international markets demand superior quality abaca, which translates to better income for the farmers. To boost productivity, PhilFIDA conducts training sessions that equip farmers with the skills to craft marketable products such as handicrafts.