Govt to extend more than P1B for coconut industry

MANILA, Philippines - The coconut industry will receive more funding from the government this year after P800 million has been released for programs for the coconut industry such as participatory coconut planting, copra processing, and pest management. Coconut Industry Investment Fund (CIIF) president Jesus Arranza said support would surpass P1 billion as President Gloria Macapagal-Arroyo wants “to increase coconut yield or give the farmers alternative livelihood during period of shortage." CIIF, which owns five coconut oil milling and refining companies, coordinates with the Philippine Coconut Authority to create programs that will increase coconut farmers’ income and improve their lives. “CIIF has been in this coco oil business for so long 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 pray to be able to effect a few positive changes," he said. CIIF, which is looking at entering biodiesel arrangements with oil companies, is planning to raise as much as P1 billion to build its own biodiesel plant. It will firm up details of its toll contract agreement with Atson Coco Inc. for biodiesel production as the Laguna-based company will initially produce 50 liters of biodiesel every day. CIIF will extend its crude coco oil supply agreement with Flying V, which plans to export coconut methyl esther (CME). “For as long as I’m in charge, I will find a niche for other sectors who want to partner with CIIF," he said. - GMANews.TV