Overview of the Coconut Milk Industry in the Philippines The coconut industry has played a significant role in the Philippine economy for years. The country is one of the world’s major coconut and coconut-containing products producers. Coconut milk, in particular, is a primary and widely-used ingredient in the country’s cuisine, making it an essential product for the food and beverage industry. The Philippines is known to have an ideal climate for coconut cultivation, thus yielding better quality coconut milk.