Market Update March 7th 2023
March 7, 2023
As Q1 2023 draws towards an end, what have we learnt about the market so…
The Philippines is “the most exposed country in the world to tropical storms” according to Time Magazine, with about 20 tropical storms a year making landfall, and of which ten are classed as Typhoons.
Sadly, the Typhoon ‘Ambo’ or Vongfong has resulted in 4 confirmed deaths and over $20 million worth of damage and is the first storm of the 2020 season.
Filipinos are very resilient people and are used to dealing with the yearly cycle of typhoons.
The farming and production of coconut has from the very beginning adapted to the effects of Typhoons and bounces back quickly.
In this case of Typhoon, ‘Ambo’ Primex’s factory in the area was only closed for one day with production back to previous levels (currently 50% due to COVID-19 measures), with some delays to harvesting and transportation caused by damage to the local
infrastructure.
Primex’s staff work supremely hard throughout the year to mitigate the effects of Typhoons on their production and are now are working under the extra challenges of the global pandemic.
At TM Duché, we support the work of Primex and their staff behind the scenes and work with them to ensure we can deliver their products to market ensuring their long-term success.
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