TELUPID (April 23): Oil palm smallholders have been urged to take advantage of the palm oil replanting financing incentive scheme (TSPKS 2.0) to increase their income potential.

Deputy Plantation and Commodities Minister Datuk Chan Foong Hin said that a total of RM100 million has been allocated for the scheme this year, with 7,000 applications from oil palm smallholders targeted.

“However, thus far, there is still a lot of room for applications, and I encourage smallholders with 6.5 hectares of oil palm cultivation to come forward to seize this opportunity, look for Agrobank, look for the Malaysian Palm Oil Board (MPOB) for more information so that this allocation can be fully utilised.

“This scheme is to maintain the productivity of the country's oil palm industry, as 20% of the oil palm trees are now old, so it is necessary to carry out replanting. This is also the government's effort to eradicate poverty, for example, in Telupid,” he said.

He said this to reporters after officiating the smallholders’ replantation programme in the Telupid district, which was attended by 200 participants on Tuesday.

He added that international conflicts, such as unrest in the Middle East and Eastern Europe, increase the global prices of crude oil and affect the world's oil and fat production, thus contributing to heightened palm oil prices, now worth more than RM4,000 per tonne.

Chan said that the government also provides other assistance, such as Oil Palm Smallholder Agricultural Input (IPPKS); Oil Palm Integrated Farming Scheme (ITa) and Oil Palm and Livestock Incentive Scheme (ITe) to provide capacity and cover the incomes of smallholders as an incentive for replanting.

“As of March 31, 2024, a total of 355 livestock integration projects have been approved in Sabah, consisting of 13 chicken farming projects and four duck farming projects in the Telupid district,” he added.

Meanwhile, MPOB in a statement said that oil palm smallholders can refer to Tunas MPOB officials in each state to obtain information or guidance related to government assistance and oil palm plantation management.

https://www.theedgemarkets.com/node/709068