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MANILA, Philippines - A company will put up a palm oil plantation that would supply the requirements of Universal Robina Corp., RFM Corp., Nestle Philippines and Mina Oil Mill Corp.
In a statement, the Board of Investment (BOI) said it approved the registration of Zanorte Palm Rubber Plantation for a P737-million plantation in Sirawai and Sibuco, Zamboanga del Norte, which is among the 30 poorest provinces in the country.
Once operational, the project is expected to create between 54 and 58 percent net value added to the economy and generate 1,055 jobs.
The plantation can produce 9,900 metric tons of palm oil, and 2,338 MT of dried palm kernel, as well as raw materials for crude palm oil production and dried palm kernel by-products that can be sold to manufacturers and exporters of soap and other industrial products.
Based on the Philippine Palm Oil Industry Roadmap 2005-2010, the country is a net importer of palm oil and palm kernels.
Latest data show the country’s annual production capacity for palm oil is 54,333 MT, while that of palm kernel is 6.54 MT.
Each palm fruit can produce 90 percent palm oil and 10 percent palm kernel oil. Industry data show that palm oil accounts for 21 percent of the global edible oil market.
Zanorte also registered a rubber plantation project with BOI early this year. The project will develop rubber plantations integrated with processing to produce dried rubber.
The firm will sell the products in bulk quantity and in various grades to local firms that use rubber as basic material to manufacture end-products such as tires and shoes. Initial target buyers are Dunlop, Bridgestone, and Yokohama.
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