MANILA—A Php 391-million coconut processing plant registered with the Board of Investments (BOI) has increased coconut demand from Davao, the agency said Tuesday.
In a statement, BOI has approved the project of Ahya Coco Organic Food Manufacturing Corp. in Davao City, which sources its coconut requirements from Davao del Norte, Davao del Sur, and Compostela Valley.
The company is manufacturing value-added coconut products mainly for exports to markets of United States, Europe, and China.
Ahya’s coconut processing facility has annual production of 7,285 metric tons of canned coconut milk, 6,970 MT of canned coco water, 1,051 MT of coconut flour, and 485 MT of virgin coconut oil.
“With the growing demand for coconut products abroad, the country, as one the world’s largest coconut producers, hopes to address such demand,” Trade Undersecretary and BOI Managing Head Ceferino Rodolfo said.
Ahya started the commercial operation of its coconut processing plant in December 2016 employing 396 personnel.
The Department of Trade and Industry has been pushing for value-adding products for exports in order to increase revenues of agricultural products like coconut.
Data from the Philippine Statistics Authority showed that exports of coconut products last year only grew 0.4 percent to USD1.41 billion from USD1.40 billion in 2015.
But the Philippine Coconut Authority is projecting exports revenue of coconut to increase by 10 to 20 percent over the next two years with the growing demand for coco sugar, coco syrup, coco fiber, and health products made from coconut such as coco oil, lotion, and mouth freshener.