A Memorandum of Understanding was signed last April 24,2024 between Philippines-based Iba Botanicals and Malaysian startup Synbion, which will givePhilippine growers access to OUDino, a Malaysia-developed biotechnology that accelerates the production of high-quality agarwood, the source of oud, one of the most expensive oils in the world and used primarily in perfumes.

The signing was during the trade visit of Philippine agriculture companies to Malaysia, which was held as part of the ASEAN Food Security Alliance initiative spearheaded by ASEAN Business Advisory Council Philippines chair and Go Negosyo founder Joey Concepcion.

Synbion is a spin-off company of Universiti Malaysia Pahang Al Sultan Abdullah (UMPSA) and a subsidiary of UMP Technology Sdn Bhd, and specializes in agarwood inoculant solutions. Iba Botanicals, meanwhile, produces high-value botanicals from the Philippines, including agarwood, for supply to global markets. Iba Botanicals CEO Ben Mead said he plans to offer Synbion’s OUDino to other agarwood planters in the Philippines and help them produce exceptionally high-quality agarwood.

“This agreement represents the huge potential of regional partnerships among our neighbors in ASEAN,” said Concepcion. “We hope to replicate these exchanges as we embark on trade visits to the other members of our ASEAN Food Security Alliance.”

The trade visit, which was held from April 23 to 25 in Kuala Lumpur Malaysia, is a direct outcome of ASEAN BAC Philippines’s efforts to build partnerships between the agriculture companies of the ASEAN member states, which were solidified through MOUs that were signed last year.