THE Board of Investments (BOI) has approved P130.8 million worth of investments by two firms to produce and export coconut products to the United States, China and South Korea, in line with government efforts to develop industries that have extensive domestic value-added potential.
Agribusiness projects such as the processing of coco products provide strong backward and forward linkages with the manufacturing industry, a driver in employment generation.
Coco Davao Inc. gained approval as a new export producer of a non-traditional export product, while Cocoplus Inc. obtained the BOI nod as a new export producer of coconut fiber and coconut peat.
The Korean-owned Coco Davao firm will produce coconut water concentrate at an annual capacity of 2.16 million liters and will export 100 percent of its production to the United States.
The P125 million project will be based in Sitio San Jose, Zone 4, Sta. Cruz, Davao del Sur. The new facility is adjacent to its existing desiccated coconut production plant where the main raw material (coco water) will be collected and processed into concentrate form.
Meanwhile, Korean-owned Cocoplus will put up a P5.8 million facility in Purok 7, San Roque, Digos City, Davao del Sur, which will have an annual capacity of 1,757 tons of coco fiber and 2,635 tons of coco peat.