BOI approves P174.4-M palm oil project

MANILA, Philippines - The Board of Investments (BOI) has given its approval to the P174.4 million project of Nakeen Corp.

The firm is a new domestic producer of oil palm fruits and is a wholly owned subsidiary of A Brown Energy and Resources Development Inc. (ABERDI) which is a BOI-registered domestic producer of crude palm oil and palm kernel oil. Nakeen has an existing oil palm plantation at Impasugong, Bukidnon.

The project involves the growing and cultivation of oil palm trees in a 600-hectare public land located in Sitio Tingalan, Salawaga, Opol, Misamis Oriental. It is awaiting Department of Natural Resources (DENR) approval on its application for 25- year lease of the land under the DENR’s Upland Agro-Forestry Program (UAFP).

Oil Palm trees bear small reddish fruits in large bunches which are called Fresh Fruit bunches (FFB). The Palm fruits are made up of oily, fleshy pulps (called pericarp), with seeds (palm kernel) which are also rich in oil. Oil Palm trees grow up to 30 feet tall and reach a life span of 25 years. Fruiting starts three years from planting. Average weight of FFB is around 25 kilos.

Oil Palm Seedlings will be imported from Thailand and Papua New Guinea while farm inputs such as fertilizer and other inputs will be sourced from local suppliers.

The proposed P174.4 million plantation will have a full production capacity of 13,000 metric tons (MT) of FFB per year and a manpower requirement of 209 personnel. Start of commercial operation is slated to start on January 2014. Total production of FFB will be sold to ABERDI.