Economic not only locally but internationally as well. Agribusiness

Economic
globalization and market liberalization gives a huge range of marketing possibilities
for agricultural products, especially for countries with ranges of highly
competitive products. But having an open market means there are increased
chances of more market competition and higher quality standards to be enforced
by trading partners. That being the case, present and upcoming agribusiness
enterprises should focus on enhancing their competitive market strategies, not
only locally but internationally as well.

Agribusiness
faces an array of problems which in general decreases overall economic
efficiency. One of these problems is on the implementation of international
trade barriers of certain developing countries.  Generally, these barriers are mostly complimentary
to rich countries because these countries tend to set international policies
and standards. Most trade barriers work on the same idea of imposing some type
of cost on trade, which therefore increases the expense on traded products.  These barriers function in a way that it
limits the customers’ choices in products, having them to be forced to pay
inflated prices in return of unsatisfactory quality. Other common problems
faced by agribusiness are limited access to credit, high interest rates and
fluctuating exchange rates, poor trade policy, import and export taxes on raw materials,
bureaucratic practices, high transportation costs, raw materials of poor
quality and unreliable supply, the lack of support facilities, and the lack of
professional managers.

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The
Philippines continues to have very large opportunities with regards to
agribusiness due to the fact that we are rich in resources. But while we are
very much endowed with such, we underutilize these resources. At a time when
demand for food is expected to increase as population grows and productivity in
food production faces increasing challenges, agribusiness enterprises are seen
as future growth areas for the economy that needs a push.