Filipino feed maker Vitarich Corp. plans to promote nationwide production of pangasius, also known as cream dory, both for the local and foreign markets.
Ricardo Manuel M. Sarmiento, Vitarich CEO, said Vietnam's declining pangasius production provides the Philippines an opportunity to tap the export market for Philippine-farmed cream dory.
Vietnam's pangasius production shrank in recent months due to increasingly restrictive US import policies, declining international prices and a slowdown in US and EU demand.
Just recently, the US Department of Commerce (DOC) raised the anti-dumping duty on frozen pangasius fillets imported from Vietnam to US$1.20/kg from US$0.42/kg previously. The farming area for pangasius in Vietnam's Mekong Delta saw a decrease of 6.1% to 3,500 hectares this year.
The Philippine Department of Trade and Industry (DTI) said production of pangasius can generate PHP650 million in investments, produce PHP945 million in sales, and create 3,000 jobs for Filipinos.
Sarmiento said Vitarich will expand its operations by going into aquaculture to produce cream dory or pangasius using Cook's Golden Dory brand. The company's goal is to replace the imported cream dory products currently flooding the local market.
Vitarich's pangasius will be grown in clean fishponds in Bulacan, Pampanga and Nueva Ecija provinces in the Philippines.
It will use Vitarich feeds and will be farmed under strict quality guidelines that ensure sustainability for both the environment and the local communities.
Vitarich's pangasius will not undergo any harmful chemical processes like bleaching, Sarmiento said, nor will it be subjected to any antibiotic treatments.