Philippine coconut oil industry in peril if biodiesel blend isn’t boosted to 5%

In the Philippines, the coconut industry continues to urge the government to boost biodiesel blending to 5% from the current 2% as a global glut of the oil pushed down prices to $1,029 per metric ton from $1,610 per ton last year. Exports slid 39% to $383 million during the first quarter, down from $630 million during the same period last year. Without the increased biodiesel blend to absorb excess coconut oil supplies, the coconut industry could see revenues fall by a fifth overall.