Representatives of coconut farmers, coco oil producers and the business sector are urging the government to immediately implement the Biofuels Act of 2006 (Republic Act 9367) mandating that all diesel fuels sold in the domestic market be blended with five percent Coco Methyl Ester (CME).
The production of the 5% Biodiesel Blend, known in industry circles as B5, can help address the problem of plummeting copra prices, the stakeholders group said in a resolution dated July 19, 2018. The very low prices of copra, the resolution pointed out, is adversely affecting the livelihood of 3.5 million coconut farmers and their families as well as the coconut-based export sector.
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Quezon City, 06 May 2018 – The Philippine Coconut Authority (PCA) is calling on the National Biofuels Board (NBB) to raise to five percent the Coco Methyl Ester (CME) content of biodiesel currently sold in the domestic market. The present blend of biodiesel now in the country consists only of two percent CME and 98 percent regular diesel.
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The fluctuation of domestic copra price is cyclical and this is beyond the control of the PCA or any government agency. This is so because the domestic copra price is dependent to the coconut oil price in the global market. The global coconut oil price on the other hand is determined or affected by the supply and demand situation of other vegetable oils (e.g. oil palm, soybean, rapeseed, sunflower, olive oil, etc.) Though the Philippines is the biggest exporter of coconut oil in the world, coconut oil is just one of the many vegetable oils produced in the world. As such, its price is greatly affected by the movement of prices of other vegetable oils particularly the palm oil which is the biggest among the internationally traded vegetable oils (35%), and soybean oil, the second biggest vegetable oil (29%).
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