After forging a memorandum of understanding (MOU) with Malaysian start-up firm Synbion, Philippine-based Iba Botanicals is planning to offer OUDino, a Malaysia-developed biotechnology that accelerates the production of high-quality agarwood, to Filipino farmers to help them produce “exceptionally high-quality agarwood.”
Agarwood is the source of oud which is one of the most expensive oils in the world and used primarily in perfumes.
During the trade visit of Philippine agriculture companies to Malaysia, Synbion and Iba Botanicals on April 24 inked an MOU to facilitate the use of OUDino.
This was conducted as part of the Association of Southeast Asian Nations (ASEAN) Food Security Alliance initiative spearheaded by ASEAN Business Advisory Council (BAC) Philippines chair and Go Negosyo founder Joey Concepcion.
Concepcion said the MOU represents the huge potential of regional partnerships among the Philippines’ neighbors in ASEAN.
“We hope to replicate these exchanges as we embark on trade visits to the other members of our ASEAN Food Security Alliance,” he said in a statement.
Synbion, a spin-off of Universiti Malaysia Pahang Al Sultan Abdullah (UMPSA) and a subsidiary of UMP Technology Sdn Bhd, focuses on agarwood inoculant solutions. Meanwhile, Iba Botanicals specializes in producing premium botanicals, including agarwood, sourced from the Philippines, for distribution in global markets.
The trade visit, conducted from April 23 to 25 in Kuala Lumpur, Malaysia, stems directly from the initiatives of ASEAN BAC Philippines to foster collaborations among agricultural companies across ASEAN member states.