The Board of Investments said Monday it approved the P756.2-million tapioca starch manufacturing project of South Korean firm Daesang Philippines Corp.
“We are making strides in modernizing our country’s agriculture sector. This is a breakthrough project for it reflects the strengthened economic partnership between the Philippines and South Korea, as we are on the path to finally finalizing the Free Trade Agreement. We in the Board Investments, therefore, invite more Korean firms to invest here in the Philippines,” said Trade Secretary and BOI chairman Ramon Lopez.
The BOI said the project is the company’s third plant outside South Korea and the first to use the wastewater-to-biogas technology. Daesang also manufactures tapioca starch from its plants in Indonesia and Vietnam.
The plant is estimated to run on an annual processing capacity of 33,000 tons for tapioca starch and 4,446 tons for tapioca residue as by-product starting January 2023.