BOI approves P737-M palm oil project

The Bureau of Investments (BOI) on Monday approved a P737-million palm oil project of Philippine-registered Zanorte Palm Rubber Plantation.

 

“The Zanorte project will help expand the country’s agro-industries and create much-needed employment opportunities in rural areas. It will also help boost the palm oil industry which is among the sectors we have identified for industry development,” BOI Managing Head Adrian S. Cristobal Jr. said in a statement.

 

Sirawai and Sibuco in Zamboanga del Norte–one of the 30 poorest provinces in the country–will host the project.

 

It will provide about 1,055 jobs, and is expected to create 54-58 percent  net value added to Zamboanga del Norte’s economy.

 

The palm oil facility has a rated output of 9,900 metric tons (MT) of palm oil, and 2,338 MT of dried palm kernel.

 

The by-products of Zanorte Plantation will be sold to food giants like Universal Robina Corp., RFM Corp., Nestle Philippines, and Mina Oil Mill Corp., as well as exporters and manufacturers of soap and other industrial products.

 

Government data show the Philippine yearly production of palm oil is 54,333 MT and 6.54 MT of palm kernel.

 

Each palm fruit is capable of producing 90 percent palm oil and 10 percent  palm kernel oil. Industry data show that palm oil currently accounts for a 21-percent share of the world edible oil market.

 

Earlier this year, Zanorte registered a rubber plantation project with the BOI. 

 

The project aims to integrating dried rubber production, which will be sold to tire makers Dunlop, Bridgestone, and Yokohama. 

 

“While agriculture was hard hit by El Niño, La Niña, and other natural calamities, the sustained investor interest in agribusiness will re-energize and help us further grow this sector,” Cristobal claimed.

 

BOI registered P479.682 million of agricultural investment in the first quarter of the year, up 52.77 percent from P313.988 million a year earlier. —RRD/VS, GMA News