Investors have pledged an initial P700 million investment to establish a 3.5-hectare coconut industrial park in Northern Samar, in an effort to boost the province's main agricultural staple.
Jhon Allen Berbon, head of the Northern Samar provincial economic development and investment promotions office, said that in a meeting early this week, investors Stephen Chen and Alex Lao disclosed that the first phase entails a P200 million investment, with a subsequent P500 million funding for the second phase.
Sixty percent of the initial investment will be for infrastructure, and the rest are for manpower and operational expenses, at 20 percent each, he said in a phone interview Thursday.
“The envisioned industrial park aims to be a comprehensive processing facility, producing coconut water, milk, oil, charcoal, and fiber, with a daily requirement of 300,000 coconuts. The phased development will initially concentrate on building essential infrastructure, hiring personnel, and establishing operations,” he said.
The proposed industrial park, to be located in Bobon in Bobon town will focus on processing, manufacturing, and exporting coconut-based products.
The park needs 5,000 hectares of coconut plantations to support the facility’s operation.
“The province of Northern Samar has emerged as a strategic location for this groundbreaking venture, crediting its vast coconut resources, yielding an impressive 350,000 to 400,000 metric tons of coconuts annually, with 84,000 hectares of land dedicated to coconut farming,” Berbon said.
Northern Samar ranks as the 18th largest producer of coconuts in the Philippines, with a yield of 315,000 metric tons in 2023, according to the Philippine Coconut Authority.
Berbon said that despite its substantial coconut production, the province faces limited competition with only one oil mill, one coco-sugar producer, two virgin coconut oil producers, and three coco coir producers.
The province has 86,000 registered coconut farmers, including landowners, workers, and tenants.
(With report from PNA)
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