Flying V wants to source more coconut oil from CIIF

MANILA, Philippines - Sequestered firm Coconut Industry Investment Fund (CIIF) is in talks with Flying V for more supply of coconut oil to maintain the petroleum company's biodiesel production in Davao, incoming CIIF president Jesus Arranza said. Arranza, who will replace Danilo Coronacion as head of the representative of coconut farmers on Wednesday, said Flying V is one of the many companies that have approached him as CIIF plans to venture into the production of specialty oils and tie up with local oil companies that are members of Federation of Philippine Industries (FPI). “I told (Flying V), maybe we can do it two way. They can continue sourcing raw coconut oil from us while we can do some toll manufacturing arrangement with them," he said adding Flying V intends to tap non-users of its biodiesel. Arranza was appointed by President Gloria Macapagal-Arroyo to replace Coronacion, who led CIIF for five years. “CIIF has been in this coco oil business for quite a long while now, but all it has ever produced are edible and crude coconut oil. The opportunity has been there all along. All it needs is just a little push here and there. I hope to be able to effect a few positive changes after I assume office," Arranza said. The former FPI president said CIIF is mulling to diversify into food preparations such as coffee creamer from coconut and coco water for electrolyte replenishment as well as lotions and shampoos. -GMANews.TV