NZ to invest $5 million in PHL dairy industry

New Zealand will invest $5 million for the expansion of the Philippine dairy industry, it was announced Tuesday after the meeting between President Benigno Aquino III and New Zealand Prime Minister John Phillip Key in Wellington, during which the leaders signed three agreements between their countries.

According to Key, the dairy investment will include New Zealand's imparting its dairy expertise to the local industry over a period of five years to enable it to meet the demands of the domestic market.

“As I understand it, 99 percent of your dairy consumption is imported, so you’re a very small domestic producer. But like all countries in Asia that we see who are undergoing significant economic growth and significant wealth...the likely demand for dairy products and for protein in general is rising quite rapidly,” he said.

He also said New Zealand will send some of its companies to the Philippines to study its outsourcing industry. — BM, GMA News