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Japanese, South Korean and Philippine investors have
set up a pilot project to develop biofuels in Mindanao, officials
said Friday.
The joint venture, Sarangani Bio
Corporation, plans to develop 50,000 hectares (123,500 acres) in
Sarangani province to cultivate the biofuel crop jatropha, said
Andrestine Tan, the local investor.
Jatropha is a plant whose seeds
yield an oil that can be processed into diesel fuel.
The plant grows even on land
unsuitable for food crops and the Philippine government has
identified it as a potential biofuel resource.
Tan, whose firm owns the land,
said they will start the project on 100 hectares with an initial
investment of P3 million ($65,573).
Kippei Makei, director of K.net
Ltd., the Japanese investor in the joint venture, said his group
would provide technical assistance and buy the seeds.
The company officials would not
say how much they expect to invest in the venture overall.
Vice Governor Steve Solon of
Sarangani said the local government welcomed and supported the
investment.
--AFP
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