PEZA, PhilCo ink deal for P1.1 billion coconut processing facility

MANILA, Philippines — An affiliate of Thai World Group of Companies has signed a registration agreement with the Philippine Economic Zone Authority (PEZA) for a P1.1-billion coconut processing facility.

PEZA director general Tereso Panga and PhilCo Food Processing Inc. director Buncha Punyatanakorn signed the registration and supplemental agreements for the firm’s coconut processing project in Tagoloan, Misamis Oriental.

Construction of the facility is underway, with operations expected to commence late this year or early next year.

PEZA said the coconut milk and juice production facility is expected to generate over 700 jobs.

Through the facility, PhilCo will be producing coconut milk to be exported to Thailand, the European Union and the United States.

Earlier, PhilCo also signed a 20-year lease agreement with PHIVIDEC Industrial Authority for the facility.

Panga said the firm’s investment signals a stronger push for agricultural and agro-industrial growth.

The investment is expected to benefit local coconut farmers through the creation of stronger market linkages and demand.

According to Panga, the investment of this scale creates a multiplier effect in the countryside by creating jobs and enhancing competitiveness.

In addition, the country is expected to benefit from the investment in terms of stronger technology transfer, expanded export opportunities, as well as greater global recognition of its coconut products.

Thai World Group supplies high-quality Asian food ingredients to over 70 countries.