CENTURY Pacific Agricultural Ventures Inc. (CPAVI), a wholly owned affiliate of Century Pacific Food Inc., has been granted approval by the Board of Investments (BOI) to put up a P 245.7-million coconut milk facility in General Santos City.
The BOI said on Friday that the project will involve setting up a separate production line at the company’s facility in Barangay Tambler, Calumpang, Purok Lansong in General Santos City.
The facility is expected to produce up to 15.3 million kilograms of coconut milk annually when commercial operation starts in January 2018. The coconut milk will be exported to Malaysia through LInaco Manufacturing Sdn. Bhd., a supplier and producer of coconut related products.
The company will employ 536 workers at the facility.
“This will further boost the exports of various coconut products since they are in great demand abroad,” Trade Undersecretary and BOI Managing Head Ceferino Rodolfo said.
The Po family-owned Century Pacific Food is one of the country’s largest food conglomerates and known for its popular products such as Century Tuna, 555 Sardines, Argentina Corned Beef, Swift Hotdogs, among others.
Meanwhile, CPAVI is an existing BOI-registered enterprise engaged in the production of various coconut products such as coconut beverage and coconut shell, virgin coconut oil and coconut flour, mostly exported to the United States and Europe.
Data from the Philippine Statistics Authority showed that exports of agro-based products for the first half of the year reached $2.06 billion, up 23.2 percent from the same period last year. Among agro-based products, coconut products posted one of the highest increases in exports, generating $920.7 million from January to June 2017, an increase of 78.2 percent compared to the previous year.