After a soft 2024, Philippine copra output is recovering — but freight costs remain elevated.
Philippine copra output for the 2025/26 marketing year is on track to recover by approximately 12 percent versus the soft 2024 cycle.
Freight, however, remains the limiting factor. Manila-Rotterdam container rates are still 23 percent above their 2019 baseline, and bulk vessel availability is tight through Q2.
For buyers building 2026 cover, we recommend layering CIF Rotterdam contracts with FOB Manila tranches to manage freight exposure separately from product exposure.