Shrimp Farming Philippines Opportunities for OFWs and Locals
Amid uncertainty over the coronavirus crisis that sent thousands of overseas Filipino workers back home, a shrimp farming livelihood opportunity is open to those who are willing to stay home for good and engage in the aquaculture business.
“Shrimps farming is making a comeback in Mindanao years after farmers virtually abandoned the industry, including Tiger Prawn culture, because of diseases,” Mindanao Development Authority chairman Emmanuel Piñol said in a Facebook post.
Piñol made a recent visit to a facility of Charoen Pokphand Foods Philippines (CPF Philippines), part of the Thailand-headquartered agriculture and aquaculture conglomerate that invests in shrimp production in the Philippines.
Modern Shrimp Farming Technology
Modern aquaculture technology and better quality broodstocks helped grow the Philippine Vannamei or white shrimp farming production at 60,000 metric tons every year. However, this pales in comparison to the production volume by neighboring countries like Thailand, Vietnam, and Indonesia. Piñol estimates that the market requirement for the Philippines is about 100,000 metric tons which means a significant shortfall available for incoming investors to fill up.
“The preferred destination of Vannamei growers is Mindanao and this is mainly because of the cleaner water of the southern islands and the fact that it is almost free from the typhoons which batter the northern part of the country every year,” Piñol adds.
CPF Philippines source its stocks from a hatchery and nursery in Rayong, Thailand. The company is also engaging local farmers to improve shrimp farming and production.
“White Shrimps farming, along with fish cage farming, are two of the major livelihood projects which MinDA is packaging for returning Overseas Filipino Workers (OFWs) and Expatriates,” Piñol said, offering this venture as a potential investment opportunity that yields huge returns.
According to CPF Philippines Asst. Vice President Marjun Villanueva, a P2-M investment will generate a net profit of P1-M every cycle, and the farm could have as many as three cycles a year.
Piñol said MinDA will engage CPF Philippines in conducting a Webinar or online orientation on both White Shrimps Farming and Fish Cage Farming for Filipinos both here and abroad who would like to invest in Mindanao.