Trade Secretary Ramon Lopez on Thursday said Malaysian businessmen are considering setting up palm oil plantations in Mindanao and Palawan.
“There’s a potential palm oil project, wherein the harvest and the output will go back to Malaysia as exports for further processing. We’re talking about plantations in the areas of Mindanao and Palawan,” Lopez said.
He said the businessmen initially planned to develop 80,000 hectares but are considering expanding it to 300,000 hectares.
“We identified close to one million hectares as a possible plantation project for palm oil in Mindanao and Palawan,” Lopez said.
Malaysian companies are also interested in infrastructure and energy investments, he said.
“Malaysia has $63 million in investments in the Philippines, but with this strengthening of ties, we expect more investments, more joint ventures, undertakings to take place with Malaysian partners,” Lopez said.
“There were actually indications from private sectors that they are also entering into some MOUs. This is basically a private to private enterprise agreement… it shows that these companies are willing to put trust in the current administration in terms of economic development goals, infrastructure, agribusiness,” he added. CATHERINE S. VALENTE