The Department of Agriculture (DA) said the P600-million palm oil refinery owned by the Garcia Refinery Corp. (Gareco) in Sultan Kudarat can help spur further development of the palm oil industry in the country.
The newly-inaugurated Gareco is the first palm oil refinery in Soccsksargen region and is funded with loan from the Land Bank of the Philippines.
The agency said the facility will produce high-quality palm oil derivatives such as palm olein, palm stearin, margarine and other products for both the local and international markets.
“The establishment of the first palm oil refinery in the Soccsksargen region underscores the immense potential for growth and development within the palm oil sector. This embodies the aspiration of the industry stakeholders to become a dynamic, innovative and self-sufficient industry that provides benefits and stable supply of vegetable oils for the country,” said DA Secretary Francisco Tiu Laurel Jr., in a statement.
Tiu Laurel said the Gareco refinery will provide employment to oil palm farmers, laborers and other stakeholders.
Gareco has formed partnerships with 63 farmers to manage a total 3,065 hectares of farm land planted to palm oil trees. With this, the region is set to be a bigger supplier of palm oil nuts since Sultan Kudarat already has 14,000 hectares of land planted on palm oil trees.
Data from the Philippine Statistics Authority showed the country produced a total of 540,643.52 metric tons (MT) of fresh fruit bunch of palm oil in 2023, a 1.4 percent growth from 2022’s 533,398.52 MT.
