The Board of Investments approved the application of Century Pacific Agricultural Ventures Inc. to establish a P245.7-million coconut milk processing plant under the export activities category of the 2017 Investment Priorities Plan.
The coco milk export project will involve the construction of a separate production line in the company’s existing facility in Barangay Tambler, Calumpang, Purok Lansong in General Santos City.
The plant will have the capacity to process 15.3 million kilograms of coconut milk annually when commercial operation starts on January 2018.
Semi-processed coconut milk will be exported to Malaysia through Linaco Manufacturing Sdn. Bhd., a supplier/producer of coconut related products.
The project will hire 536 personnel to run the processing plant.
Century Pacific is a wholly-owned affiliate of the Po family that owns Century Pacific Food Inc., one of the country’s largest food conglomerates and known for its popular products such as Century Tuna, 555 Sardines, Argentina Corned Beef, Swift Hotdogs, among other products.
It is a BoI-registered enterprise engaged in the production of several coconut products, such as coconut beverage and coconut shell, virgin coconut oil and coconut flour.
The US and Europe are two of the biggest export markets for the company’s products.
Century Pacific diversified into coconut processing in 2013 initially as an original equipment manufacturer for retail packaged coconut water and supply of white copra to industrial users. It eventually decided to produce its own line of coconut products.
“This will further boost the exports of various coconut products since they are in great demand abroad. Agro-based exports are on a roll and the agricultural sector just posted a positive turnaround in the first quarter of this year in contrast to the negative growth it registered in the same period last year,” said Trade Undersecretary and BoI managing head Ceferino Rodolfo.
Latest data from the Philippine Statistic Authority showed exports of total agro-based products reached $2 billion in the first six months of 2017, up 23 percent from $1.67 billion year-on-year.
Coconut products, among agro-based products, posted one of the highest increases in exports with $920.7 million during the six-month period, up 78 percent from $516.8 on year.