PILI, Camarines Sur, Philippines – The efforts of Camarines Sur Gov. Luis Raymund Villafuerte to develop a food terminal complex that would not only service the province’s agro-industrial sector but also bring in investors received a major boost with the groundbreaking for a coconut water packing plant by an international food conglomerate.
The first facility to rise in the food terminal complex that is currently being developed is the coconut water packing plant to be operated by Vita Coco, in partnership with local firm AgriNurture Inc. (ANI).
An initial investment of $5 million has been earmarked for the construction of the plant, which is expected to cash in on the fast-growing demand for coconut water in the local and international consumer markets. Another $10 million has been allocated for the large-scale planting of coconut trees in the Bicol region in the next few years.
“This will be a big boost to the province’s agro-industrial sector in general and the coconut industry in particular. Aside from providing jobs to our people, this will also open doors for local agro-industrial and food production and processing firms to put up their facilities in this food terminal complex, either on their own or in partnership with foreign firms,” Villafuerte pointed out.
According to Jonathan Burth, Vita Coco director for operations, the necessary resources have been lined up, the engineering plans completed and clearing of the plant site has started. With the purchase of equipment having been completed and construction set to commence, he projected that the plant will be fully operational by May 2012, initially producing 8ml bottles of coconut water.
Coconut water is enjoying an increasing popularity as a health drink in major foreign markets such as the continental United States, and demand is expected to rise. Even world-renowned celebrities are cashing in on the coconut water craze, with pop icon Madonna already a part-owner of Vita Coco, and popular recording artist Rihanna lined up, among others, as an endorser for Vita Coco.
Founder and CEO Michael Kirban said that Vita Coco is made from 100 percent natural coconut water and contains five essential electrolytes, including potassium, sodium, magnesium, calcium and phosphorous, and contains 15 more times electrolytes than other sports drinks.
The establishment of the coconut water plant was one of the new investments in the Philippines by American firms announced by President Aquino during his recent visit to the US. The venture is a result of the joint effort of the national government and the province of Camarines Sur.
“We are very grateful to President Aquino for actively supporting this venture. The involvement of the national government really encouraged Vita Coco and its local partner to set up this plant in our province,” Villafuerte said.