PH cold storage industry capacity to grow 10% this year

According to real estate services firm Santos Knight Frank, the cold storage sector will be the next popular sector for those investing in the property industry.

“In the Philippines, more investors are looking to place significant capital into the industrial sector, including cold chain logistics,” said Kash Aristotle Salvador, Santos Knight Frank Head of Investment and Capital Markets, in a webinar.

The firm noted how the demand for vaccine storage, food, and import goods are increasing the need for cold chain logistics, and how this is complemented by the expansion of the country’s industrial and logistics sectors in general, despite the shift in the property sector due to COVID-19.   

Meanwhile, the Cold Chain Association of the Philippines (CCAP) is forecasting a 10% growth in the country’s cold storage industry capacity this year, with 50,000 new pallets to be added to the country’s existing 500,000, 60% of which will be located in Luzon, the rest in Mindanao.   

The government has also named two agro-industrial business corridors as the Luzon sites so far: the Taguig Agro-Industrial Hub and the New Clark City Agro-Industrial Hub.

“Cold storage is one of the most resilient industries. Whatever happens in the economy, there will always be a need for food,” said Anthony S. Dizon, president of CCAP.

SOURCE: Business World