Philippine banana sector has called on the country’s central bank, the Bangko Sentral ng Pilipinas, to stabilise the peso’s exchange rate against the US dollar to help exports stay competitive.
The competitiveness of Philippine banana exports has been affected by the 9 per cent rise in the peso against the US dollar over the last three years, according to the Pilipino Banana Growers and Exporters Association executive director Stephen Antig.
“We are seeking help...to ease our difficulties so the banana industry can survive the difficult situation we are now in,” he told local media.
Rising input costs were also causing the industry problems, reported the Malaya Business Standard.
The industry has also urged the Export Development Council (EDC), a public-private partnership established to aid the banana export sector, to help the industry stay competitive.