Farm Konekt Holdings, a Palawan-based agritech startup, is venturing into Brunei Darussalam and Malaysia to help improve market access for smallholder farmers. The initiative will enable the Philippines to tap Brunei and Malaysia’s Halal ecosystem.
Farm Konekt CEO John Vincent Q. Gastanes said it was expanding to help accelerate the growth and development of local farmers.
“Together, we are committed to creating a thriving ecosystem that enhances the agri-fishery sector and brings sustainable progress to local farmers and fisherfolks,” he said.
Farm Konekt Holdings offer farmers and fisherfolks clustering solutions encompassing consultancy, capacity building, and supply and demand matchmaking. By focusing on acceleration, incubation, technology, and research and development, they empower farmers and fisherfolk to thrive in the agriculture and fishery sectors through their comprehensive support and access to cutting-edge Agritech solutions that will enable sustainable growth, productivity, and profitability for farmers and fisherfolk. They also provides consultancy services, including data-driven insights and other tech-driven solutions, to enable farmers to make informed decisions on production and harvest.
Mindanao Development Authority (MinDA) said that Farm Konekt Holdings’ initiatives are part of a project that received funding under the BIMP-EAGA Korea Cooperation Fund (BKCF) in 2022. The project was facilitated by MinDA.
MinDA said that with the recent expansion will include clustering of Halal producers and distributors, who are seen to play a vital role in improving the Philippines’ Halal standards.
“The Farm Konekt Agri-Tech Supply Chain Platform for BIMP-EAGA Markets will also capture Brunei’s halal network in Indonesia and Malaysia, becoming the first consolidation and clustering platform for the BIMP-EAGA subregion”, said MinDA.
Gastanes said that the expansion will connect Brunei to the trade route between Palawan, Mindanao, and the Bangsamoro Autonomous Region in Muslim Mindanao via Brunei’s Muara Port.
Recently, Farm Konekt Holdings announced that they forged an agreement with Sarawak Economic Development Corporation (SDEC) of Malaysia.
“As a clustering and matchmaking business model for development funds, financing, and integration of goods in the BIMP-EAGA (Brunei-Indonesia-Malaysia-Philippines East ASEAN Growth Area) region, Farm Konekt Holdings is uniquely positioned to unlock transformative change in the agricultural and fishery sectors,” Gastanes said.
He further said that this new development will empower farmers within BIMP-EAGA region, including Palawan.
“What does this mean for smallholder farmers in the region? With SDEC’s support and our commitment to agri-tech innovation, we’re poised to empower smallholder farmers with access to cutting-edge technology, training, and crucial market opportunities,” he explained.
Gastanes said that they envision enhanced productivity by embracing precision agriculture and sustainable farming practices, smallholder farmers can boost their yields and income. Second is market expansion as they aim to tap into domestic and export markets meeting the increasing demand for organic and sustainable agricultural products. Third is environmental sustainability since their mission is aligning their activities with climate and environmental factors to build a resilient and eco-friendly agri and fishery sector. Lastly, revenue forecast of up to $50 million collectively due to the agri-tech integration for clusters model.
“We are optimistic about the revenue potential in the agri-tech integration for clusters model. Based on our projections, we anticipate revenue model from our integration that has a potential to generate approximately $10 million to $50 million collectively. Revenue will be driven by initial technology adoption, training funded by our partners, and access to markets,” he explained.