Integrated coco plant gets perks

MANILA, Philippines - The Board of Investments (BOI) is giving incentives to a P321-million project in Palawan which involves the establishment of a coconut processing plant integrated with a hybrid coconut plantation.

The agency said yesterday it approved the application of Lionheart GPPAC Farmers Corp. as a new export producer of virgin coconut oil, coconut flour and tender green coconuts under the export activities category of the existing investment priorities plan.

The firm will develop 2,400 hectares of hybrid coconut plantation during the initial year and another 4,600 hectares the succeeding years.

Commercial harvest is expected after three-and-a-half years from planting.

According to the BOI, Lionheart has already planted 100,000 hybrid coconut trees to date and are continuously planting to cover the reach of the area.

For the processing plant, raw materials will initially be sourced by buying coconuts from nearby coconut farmers and cooperatives until the expected harvest.

The BOI said the project is expected to employ around 1,595 personnel.

Commercial operation for the processing plant is expected to start in May this year with the firm having started construction last December.

Lionheart will produce virgin coconut oil at 883,200 kilograms (kgs) annually, coconut flour at 76,800 kgs, and tender green coconuts at 50.6 million units.

These products will be exported 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,” BOI managing head Ceferino Rodolfo said.