The Board of Investments (BOI) has approved the ₱202.26 million project SC Global Food Products Inc., which will engage in the processing of coconut water and other coconut meat derived products in Barangay Caridad, Baybay Leyte.
The SC Global Food project will have an annual capacity of 18.72 million liters of coconut water, and 14,257 metric tons of coconut-meat derived products for exports. SC Global Food will export its coconut water production to the United States, while 90% of the coconut meat-derived products will go to other markets. The company will also produce virgin coconut oil, coconut flour, coconut cream, and white coconut meat. The project's commercial operations will begin January 2014 and will employ 200 workers.
Industry reports cited a growing worldwide demand for coconut water as alternative health sports drink. Data from the Philippine Coconut Authority (PCA) and the United Coconut Associations of the Philippines (UCAP) showed that coconut water exports for the first half of 2012 reached 10.2 million liters, nearly double the 5.7 million liters exported during the same period in 2011.
Coconut products exports also grew by as much as 102.9% for the month of June alone this year compared to same period last year, PCA data showed. Country's share of world coconut exports is 59%. Other non-traditional coconut products exported by the Philippines are bath oils and VCO, while traditional coconut product exports include crude coconut oil, copra, desiccated coconut, and copra oil cake or meat. The Philippine coconut industry is a key component of the country's agriculture sector, employing some 3.5M farmers and 25M direct and indirect workers.
The 2012 Investments Priorities Plan (IPP) of the BOI, the investment promotions blueprint of the government, lists the production or manufacture of non-traditional export products as among the activities for investment promotion.
Manila Bulletin
