BOI okays Anflo Banana project

MANILA, Philippines – The Board of Investments has approved a P216-million project of Anflo Banana Corp. for the production of class A fresh cavendish bananas for export.

Trade Secretary Gregory Domingo said the plantation located in Campostela Valley is expected to boost economic activities in the region. 

“Agriculture-related investments will help diversify our export offerings consistent with the Philippine Export Development Plan (PEDP). These investments strategically help boost our revenues and create jobs in the countryside,” he said.

Trade Undersecretary Adrian Cristobal said the project, which has the capacity to produce 1.12 million boxes of bananas annually will open export opportunities to key markets like Japan. 

The company also plans to expand its seedling plantations to 256 hectares.

“This also has significant multiplier effect in terms of jobs to our farmers and their families,” said Cristobal.

Investments in agriculture projects were among the top projects approved by the BOI in 2011. Total approved investments in agriculture sector have amounted to P1.917 billion in 2011.

The Philippines is the world’s second biggest exporter of bananas next to Ecuador, according to the Philippine Banana Growers and Exporters Association. The country is also a major banana supplier to Japan, China, South Korea, and New Zealand and provides employment to 320,000 people.

In 2010, Philippine exports of fresh cavendish bananas amounted to $720 million.