Thai-owned food firm, Thai World Group has recently inked an agreement with Phividec Industrial Authority to build a Pesos 1.2 billion (US$21.5 million) plant to process frozen coconut meat and milk. The facility, located at a 3,000 hectare economic zone in Misamis Oriental, in northern Mindanao, will bring opportunities to 153,000 coconut landowner, farmers and tenants in Northern Mindanao.
Thai World Group will set aside Pesos 770 million (US$13.8 million) for manufacturing equipment, Pesos 200 million (US$3.58 million) for the buildings, and Pesos 167 million (US$3 million) for working capital.
Borcha Punyatarkorn, Director of the Thai World Group said its affiliate, Philco Food Processing Corporation has leased 4 hectares of land in the Phividec Industrial Estate to build the facility which can produce up to 78,000 tons of high quality coconut milk.
Punyatarkorn said the manufacturing plant will employ up to 1,500 employees and will need 500,000 coconuts a day to produce the milk and frozen meat that will be exported to the US, Europe and Asian markets.
Punyatarkorn added that the company will have coconut buying stations in Misamis Oriental, Lanao del Norte, Pagadian and Dipolog. It has chosen this location for investment as the Philippines is the 3rd biggest producers of coconuts in the world.
In addition, Phividec also offers a good seaport where its products can be loaded to waiting cargo hips.
