The Board of Investments has approved a Canadian-Chinese firm’s application as a new export producer of coco fiber and coco peat, the Trade department said on Tuesday.
All Bright Resources International Inc.’s P 30-million project qualified under the 2017 Investment Priorities Plan (IPP) and it will be required to export at least 70 percent of its products, the department said in a statement.
All Bright is expected to produce up to 6,327 metric tons (MT) of coco fiber and 5,062 MT of coco peat annually at its plant in Sta. Maria, Davao del Sur. These will be shipped to China, Korea, Japan and other neighboring countries.
Raw materials will be sourced from farmers in Malita, Sta. Maria, Kidapawan and other municipalities in Davao del Sur.
“This project will hopefully usher the coconut industry to fully explore its potential not only as one of the most nutritional products but also one of the most versatile ones in terms of consumer products given its multiple uses,” Trade Undersecretary Ceferino Rodolfo said.
BOI Governor Napoleon Concepcion added: “We are already one of the world’s leading exporters of coconut products despite the dip in production last year due to the bad weather but I am confident that with favorable weather conditions, the industry will have a resurgence this year,”.
Philippine Statistics Authority said coconut exports amounted to $1.09 billion as of the first seven months of the year, up 58 percent from the comparable 2016 period.