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Wednesday, April 17, 2024

BoI approves P321-m virgin coco oil project

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The Board of Investments approved the application of Lionheart GPPAC Farmers Corp. as new export producer of virgin coconut oil, coconut flour and tender green coconuts under the export activities category of the Investment Priorities Plan.

Expected to employ around 1,595 personnel, the P321-million project involves the establishment of a coconut processing factory integrated with a hybrid coconut plantation in Rizal, Palawan.

The company will develop 2,400 hectares of hybrid coconut plantation in the first year and increase the hectarage to 4,600 hectares in succeeding years.

Commercial harvest is expected after three and a half years from planting. Lionheart has already planted 100,000 hybrid coconut trees to date.

Until the trees have matured and started yielding, the company plans to secure raw materials for the processing plant by buying coconuts from farmers and cooperatives in the area.

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Trade Undersecretary and BoI managing head Ceferino Rodolfo said the project fit the government’s inclusive business thrust which aims to reduce poverty, generate more jobs, and sustain inclusive growth.

Commercial operation for the processing plant will start by May 2017. The company has already started construction of the coco-hub facilities in December 2016. Installation of equipment will follow as soon as the construction is finished.

Lionheart will produce virgin coconut oil at 883,200 kilograms annually, coconut flour at 76,800 kgs, and tender green coconuts at 50.6 million units for export to the United States, Europe, Japan, Korea, Singapore and Hong Kong.

“This will further boost the country’s exports of coconut and its by-products which are now in demand in other countries,” Rodolfo said.

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