Korea's Lotte eyes sugar land near Luisita

MANILA, Philippines - Korea’s number one beverage company Lotte Chilsung Beve-rage Co. Ltd is interested in investing in the sugar land near Hacienda Luisita which is also being pursued by China’s ri-chest man.

Zong Qing Hou, chairman and general manager of the Hangzhou Wahaha Group Co. Ltd. in Shanghai, has already expressed interest in partnering with the fa-mily of President Aquino for a P1-billion sugar plantation in Pampanga and Tarlac. Lotte, the biggest single shareholder of Pepsi Cola, said it is also interested in the same sugar land.

Board of Investments (BOI) managing head Cristino L. Panlilio said that he has spoken with Lotte during his visit in Korea. Panlilio reported that Lotte would like to have a 2,000-3,000 hectare sugar plantation in the Philippines.

Lotte is formerly affiliated with the Lucio Tan group but Panlilio said this contract has already been extinguished because Lotte would like to go into confectionary themselves. “Lotte is looking for other partners now,” he said.

The group of former President and now Rep. Gloria Macapagal Arroyo is also negotiating with Lotte for a possible sugar plantation investment in Pampanga.

Panlilio said that he has met with Juan Miguel Araneta who represents Hacienda Luisita chief operating officer Fernando Cojuangco recently. During the meeting, Araneta said they will submit a feasibility study to the Wahaha group for the P1 billion sugar plantation.

The feasibility study is expected to be completed in two months. After which, it will be presented to the Wahaha group, and if approved Panlilio said Wahaha will begin their investment in the country.

Panlilio said the land being offered to the foreign investors are those outside the Hacienda and are not part of any legal battles. “We invited them (Cojuangcos) because of their expertise,” he cleared.

Panlilio said that there are about 6,000 hectares of idle land along the stretch of Pampanga and Tarlac which will be perfect for sugar plantation. He said the Cojuangcos may be tapped for the project because Wahaha is eyeing a “plantation type operation.”