Thai firm readies P1 billion coconut processing plant

MANILA, Philippines — Thai World Group of Companies, through its local affiliate, is set to open a P1-billion coconut processing facility in Misamis Oriental in July.

Trade Secretary Cristina Roque told reporters that Philco Food Processing Inc. is expected to open the 5.5-hectare facility in July.

She said the facility would need 500,000 coconuts daily to support the firm’s exports.

The company will produce coconut milk for export to Thailand, Europe and the United States.

Roque also said the facility is expected to create 1,500 jobs.

As the project is registered with the Philippine Economic Zone Authority, the firm will enjoy tax perks.

Roque said the investment reflects investor confidence in the country.

“This is a foreign investment. So, it shows that there are still foreign investors who want to invest,” she said.

The project is also expected to help position the country as a hub for coconut processing in the global value chain.

Thai World Group is the largest coconut processing firm in Thailand.