The Department of Agriculture (DA) and the Philippine Coconut Authority (PCA) underscored the potential for regional growth and massive employment opportunities for locals with the inauguration of Mindanao’s P600-million palm oil refinery.
“The establishment of the first palm oil refinery in the SOCCSKSARGEN Region underscores the immense potential for growth and development within the palm oil sector. This embodies the aspiration of the industry stakeholders to become a dynamic, innovative, and self-sufficient industry that provides benefits and stable supply of vegetable oils for the country,” Agriculture Secretary Francisco Tiu Laurel Jr.
SOCCSKSARGEN refers to a region in Mindanao that groups South Cotabato, Cotabato, Sultan Kudarat, Sarangani and General Santos City.
Owned and managed by the Garcia Refinery Corp. (GARECO), the refinery project teamed up with 63 farmers to manage 3,065 hectares of farm land planted to oil palm trees.
Adding to the current 14,000 hectares of oil palm plantation in Sultan Kudarat, the entry of GARECO into palm refining increases the potential supply of palm oil nuts.
Philippine Coconut Authority (PCA) administrator Dexter Buted said the refinery could spur further development of the palm oil industry in the Philippines.
The project, with funding from the LandBank of the Philippines, is expected to produce high-quality palm oil derivatives such as palm olein, palm stearin, margarine and other products for local and international markets.
The refinery, registered as a new project, is expected to get six years of tax breaks from the Board of Investments (BOI).
The DA and PCA assured GARECO of government support in addressing challenges, promoting innovation and ensuring the inclusive growth of the Philippine palm oil industry.
“The new GARECO refinery brings more than just infrastructure; it brings hope and opportunities. It will create job opportunities for local communities in SOCCSKSARGEN, providing employment to oil palm farmers, laborers and other stakeholders involved in the palm oil value chain,” said Tiu Laurel.