The Philippines stands to profit from agriculture products with its entry into new export markets in an attempt to diversify their economy.

In particular, virgin coconut oil is in demand in South Africa, wher the coconut is not a native tree, its embassy in Manila said in a statement.

“If someone sees you in a retail store with coconut oil, they classify you as someone from a high-end society. It is very expensive. So it has a good market in South Africa,” Deputy Head of Mission Tshire Kau said.

Even though high volumes of Philippine bananas are shipped to the Persian Gulf, the demand for the fruit, as well as other agriculture products from the Philippines, continues to exceed supply in Iran.

Consumers want products not easily available in local stores but which are widely produced or grown in the Philippines.

“So many Iranian companies are still requesting for more bananas from the Philippines,” Iranian Ambassador to the Philippines Mohammad Tanhaei said.

He explains the growth of exports and the growing variety of foods consumed by the people of India, another potential export market, stating:

"India is one of the world’s fastest growing economies, enabling its population to acquire large disposable incomes, a big portion of which is spent on food. Indians now like to experiment with what they eat and have developed a huge appetite for non-traditional Indian cuisine, Ramakrishnan noted"