The Association of Natural Rubber Producing Countries (ANRPC) stated on Tuesday that the Philippines has joined the association, bringing the total number of member countries to 11.
In a statement, the ANRPC noted that smallholders dominate the Philippine rubber production sector, accounting for nearly 90% of the country's rubber output.
The ANRPC stated that although large areas of land in the Philippines are suitable for expanding rubber planting, the industry faces constraints, including low yields, land tenure and ownership issues, and limited access to credit.
In 2009, the Philippines had 130,000 hectares of natural rubber plantations with an output of 125,000 tons, equivalent to 1.4% of the total production of ANRPC member countries.
Thailand was the highest-producing country within the ANRPC in 2009, accounting for 35.3% of the association's total output.
The ANRPC also includes ten other countries, such as Myanmar, China, India, Indonesia, Malaysia, and Singapore. The total natural rubber production of this association accounts for 90% of the global rubber supply.
European debt triggers weakening of the peso 2010-05-24
The short-term weakness of the peso is influenced by the Eurozone crisis. The peso exchange rate will be determined by market forces, and it is expected that the peso will appreciate by the end of the year.
Diwa Guinigundo, Deputy Governor of the Bangko Sentral ng Pilipinas, stated that market concerns over the Eurozone debt crisis have caused a steady depreciation of the Philippine peso against the US dollar.
Guinigundo indicated that due to strong fundamentals and a recovery in market confidence, the peso should regain its strength by the end of the year.
He stated that the Bangko Sentral ng Pilipinas will not intervene in the peso exchange rate, as the rate should be determined by the market; the central bank's goal is to minimize exchange rate volatility.
Following the Philippine general election in the week of the 14th, the peso rose to 44.76 pesos per US dollar, but subsequently fell steadily, closing at 45.99 pesos per US dollar on the 20th.
