THE BOARD OF INVESTMENTS (BoI) gave the go-signal for the P56-million project of a Bulacan-based food manufacturing company as a new export producer of virgin coconut oil (VCO).
In a statement released by the investment arm of the Department of Trade and Industry (DTI), BoI said Rizal VCO Phils. Corp.’s project — which qualified under the export activities list of the 2017 Investment Priorities Plan (IPP) — is expected to annually produce 748,800 liters of VCO at its Bocaue plant.
Approved in February this year, the 2017 Investment Priorities Plan, DTI places agriculture and agro-processing as one of the preferred activities for investment.
Rizal VCO started operations in August with 15 workers to produce VCO which will be used as raw material for cosmetics and personal care products. The new company is eyeing Bahrain, United Arab Emirates and Qatar as its target markets.
BoI said the company will covert refined/bleached/deodorized or RBD coconut oil into VCO. This involves a process wherein the RBD coconut oil will be mixed with herbal extracts, and placed in a centrifuge separator and filtering machine to remove fatty content.
“This innovative approach would sustain the growing popularity of coconut oil products in our export markets which will bring more jobs and additional income opportunities for our countrymen,” Trade Undersecretary and BoI Managing Head Ceferino S. Rodolfo was quoted as saying.
In DTI’s Directory of Philippine Exporters 2015, there are only 19 local companies with virgin coconut oil as their product line.
The Philippine Statistics Authority’s preliminary report showed coconut exports growth in the first half of the year shot up by 88.2% to a free-on-board value of $792.27 million from $421.07 million during the same time last year.
Coconut exports ranked ninth in the top export list, which is led by electronic machineries and transport. — Anna Gabriela A. Mogato