INVESTMENTS. A map of Northern Samar showing the location of small coconut-related investments and coconut farmers' association. The Northern Samar provincial government has tied up with the Board of Investments to encourage more investors in the local coconut industry. (Photo courtesy of Northern Samar provincial government)
TACLOBAN CITY – The Northern Samar provincial government has tied up with the Board of Investments (BOI) to encourage more investors in the local coconut industry.
Northern Samar Provincial Economic Development and Investment Promotions Office (PEDIPO) head John Allen Berbon said that despite the high coconut yield in the province, there is a lack of existing facilities that will process it into high-value products.
“We had a recent meeting with BOI officials to discuss Northern Samar's strengths in the coconut sector, assessing the existing number of producers, processors, and consolidators, and pinpointing strategic locations for potential investments,” Berbon said in a phone interview Friday.
The goal is to attract an investor to establish a medium-scale integrated coconut processing center with a capacity of producing 60 metric tons of coconut products per day. The required investment is PHP240 million to PHP300 million.
PEDIPO aims to leverage the success of the coconut investment pitch to attract investments in other key commodities in Northern Samar, prioritizing those with significant economic value, according to Berbon.
“This proactive approach underscores the province's commitment to fostering economic growth, attracting new investments, and creating a conducive environment for sustainable development,” he added.
Northern Samar ranks as the 18th largest producer of coconut in the Philippines, with a yield of 315,000 metric tons in 2023, according to the Philippine Coconut Authority.
Berbon said that despite its substantial coconut production, the province faces limited competition with only one oil mill, one coco-sugar producer, two virgin coconut oil producers, and three coco coir producers.
The province has 86,000 registered coconut farmers, including landowners, workers, and tenants. (PNA)
