JAKARTA, Indonesia — The private sector from the Philippines and eight other Southeast Asian Nations signed a memorandum of understanding (MOU) for agriculture cooperation and small business development, seeking to boost the efforts of the Association of Southeast Asian Nations (ASEAN) towards economic integration.

According to Malacañang, the signing of the MOU took place during the ASEAN-Business Advisory Council (ASEAN-BAC) roundtable discussion here on Tuesday, Sept. 5.

In a statement, the Palace said the MOU aims to jointly conduct “studies and mentorship channels with Filipinos for potential agriculture, agriculture technology, food security, agri-preneurship business models and value chain development among small, medium, and large farmers, enterprises, and government entities.”

Separate MOUs were signed for each cooperation with Thailand, Brunei, Singapore, Laos, Cambodia, Vietnam, Myanmar, and Indonesia through their respective ASEAN-BAC representatives.

The Philippines was represented by ASEAN-BAC Philippines Chairman and Go Negosyo founder Joey Concepcion.

The development of trade and investment opportunities in various agricultural commodities is expected to be explored under this joint cooperation. These commodities include rubber, rice, corn, fruits, vegetables, and other agricultural services.

"All member-states also agreed to jointly promote effective strategies in addressing climate change and ensure a sustainable agribusiness environment," the Palace said.

The Philippines has already signed the same MOU with Malaysia during President Marcos' state visit to Malaysia in July 2023.