PHILCO FOOD Processing, Inc., a unit of Thai World Group of Companies, is building an over P1-billion coconut processing facility in Misamis Oriental, according to the Philippine Economic Zone Authority (PEZA).
In a social media post, PEZA said that a 20-year lease agreement was signed between PHIVIDEC Industrial Authority and PhilCo to establish the facility within the PHIVIDEC Industrial Estate in Tagaloan.
“It is expected to generate 2,500 jobs and expand market access for coconut farmers in northern Mindanao and nearby provinces,” PEZA said.
According to PEZA, the project was granted a six-year income tax holiday and other incentives under the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy Act.
The facility is expected to start construction in October, and is targeted to start commercial operations as early as December.
Most of its products will be exported to Thailand, the European Union, and the US, PEZA said.
According to the Philippine Information Agency (PIA), the plant will occupy a 39,596-square-meter site that will produce 78,000 tons of ultra-high-temperature-treated coconut milk annually as well as frozen coconut meat.
“With an initial rental of P6.335 million per year, increasing by 5% annually, this investment highlights northern Mindanao’s growing appeal as an industrial hub,” PIA said.
PHIVIDEC Administrator and Chief Executive Officer Joseph Donato J. Bernedo said that the facility is expected to boost Mindanao’s agricultural economy, sourcing 500,000 coconuts daily.
“By creating 2,500 jobs, this project promises opportunity and dignified work for our citizens, particularly in Mindanao. It will also breathe new life into the coconut industry, offering better incomes and a stable market for thousands of coconut farmers,” he said.
“Once they produce, they will use our port facilities, which brings additional revenue for PHIVIDEC. The supply chain requirements of the facility will also benefit other local businesses,” he added. — Justine Irish D. Tabile
