THAI World Group subsidiary PhilCo Food Processing Inc. will operate a coconut processing plant in Cagayan de Oro by the third quarter of the year, Trade Secretary Cristina Roque told reporters on Wednesday.
Its 5.5-hectare facility will employ some 1,500 Filipinos and process over 500,000 coconuts daily for export.
Last week, Roque went to Bangkok to meet with Philco’s principals to discuss the project, which will boost rural livelihood, strengthen supply chains, and expand export capacity for coconuts.
PhilCo, which had registered with the Philippine Economic Zone Authority last year, processes ultra-high temperature (UHT) coconut milk and frozen coconut meat.
PEZA has granted the company six years of income tax holiday and other tax incentives under the Create More Act.
The PhilCo facility is located at the Phividec Industrial Estate Special Economic Zone in Misamis Oriental.
The Philippines hosts four locators with major Thai equity generating over P7 billion in investments, $900 million in export sales, and providing employment to nearly 190 Filipinos, PEZA said.