The Philippine Economic Zone Authority (PEZA) said Monday a Thailand-based coconut processor is investing P1 billion in a project within the PHIVIDEC Industrial Authority in Misamis Oriental.
PEZA director-general Treso Panga said the project would involve over P1 billion in capitalization for a coconut processing facility and targets to export its products to Thailand, the EU and the US.
He said the construction of the facility would start by October 2025, and commercial operations by end-December 2025 or early January 2026.
PHIVIDEC and Thai World Group of Companies affiliate PhilCo Food Processing Inc. signed a 20-year lease agreement on April 11, 2025.
The plant will occupy a 39,596-square-meter site in Mohon, Tagoloan and produce 78,000 tons of ultra-high temperature (UHT) coconut milk annually, along with frozen coconut meat.
“This signing is a game-changer for PHIVIDEC and northern Mindanao,” said PHIVIDEC administrator and chief executive Joseph Donato Bernedo.
The project is expected to generate over 1,000 direct and 1,500 indirect jobs.
PhilCo plans to source about 500,000 coconuts daily from farmers in Northern Mindanao and surrounding provinces.
PEZA granted PhilCo six years of income tax holiday and other incentives under the CREATE MORE Act.
Fully owned by Lucky Force International Limited, a Hong Kong-based company under the Thai World Group, PhilCo has a pending registration with the Securities and Exchange Commission (SEC).
Until registration is completed, Lucky Force will serve as co-lessee and guarantor under the agreement.