The fund, a state agency under the agriculture ministry, manages the development of the country's cacao industry.
2.
But when the South American nation discovered giant reserves of oil in the 1920s, the cacao industry dwindled.
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"Cacao should never be treated as a sunset crop, " said Jophine Ramos of the DA Cacao Industry Development Program.
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What was left of the nation's cacao industry fell victim to the sharp decline in world demand during the Great Depression.
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During the 1950s, government-sponsored replanting efforts contributed to a partial revival of the cacao industry, so that by 1958 Ecuador was the world's sixth leading exporter of cacao.
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Venezuela's 1997 cacao harvest is expected to top 15, 000 metric tons, Nestor Avila Gonzalez, president of Venezuela's Cacao Fund, a state agency that manages the country's cacao industry.
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The decline of the cacao industry in the 1930s and 1940s, brought about by chronic pestilence and the loss of foreign markets to competitors, had debilitating repercussions for the entire economy.
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"We are hopeful that the Mindanao cacao industry is now looking at an extremely promising future in the world market, " said Joel Mercado, an agricultural specialist from the GEM program.
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Following Agustin Cueva, several authors have argued that in the midst of a hegemonic crisis Velasco rose to power on the votes of the coastal sub-proletariat, peasants who had migrated to urban centres as the cacao industry dwindled.
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The briefing, organized by the Growth with Equity in Mindanao ( GEM ) Program, focused on expanded trade opportunities for the Philippine cacao industry . It also had representatives from Serg's Chocolates Inc ., PETRA Foods PTE Ltd . ( Singapore ), the Department of Agriculture ( DA ), and the Land Bank of the Philippines, who urged cacao farmer cooperatives to increase production to meet rising global demand.
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