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The Philippines Purchase More U.S. Soybeans
USAgNet - 09/17/2019

Food-grade soybean exporter SB&B Foods Inc. (SB&B) said it expects its shipments to the Philippines to triple in five years due to the increasing demand of Filipinos for more soy-based products.

SB&B President Robert B. Sinner noted that the economic growth of the Philippines boosted the purchasing power of Filipino consumers and fueled the demand for food products, reports BusinessMirror.com.

SB&B, a fifth-generation family-owned farm and company based here, currently exports about 1,000 metric tons of nongenetically modified organism and organic food-grade soybeans to the Philippines, Sinner said.

"I love the Philippines. Things are changing fast there," he told Filipino reporters in a briefing at the firm's headquarters here recently. "My ballpark estimate is that we will double [our exports to the Philippines], at most we will triple it in the next five years," Sinner added.

One of their clients in the Philippines, he said, is Lucio Tan's diversified beverage firm, Asia Brewery Inc. Sinner said he has observed a growing demand for soy-based products, such as tofu and soymilk, in the Philippines in recent years.

He said the rise of "veganism" in the Philippines also contributed to the demand for soy-based products, as vegetarians substitute meat products with soy-based food items.

Sinner added that Filipino millennials' demand for healthy food items, such as soymilk, also contributed to the rise in the consumption of soy-based products.

"Soymilk is driving things there," said Sinner, who has been to the Philippines a number of times. "Demand is increasing and there are some companies planning to put up manufacturing [facilities]," Sinner explained that the bulk, or 80 percent, of their food-grade GMO-free soybeans are exported, while the remaining volume is sold domestically.

The firm's top markets are Japan, South Korea, Taiwan, the Philippines, Indonesia, Malaysia, Singapore and Vietnam,

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