The PhilCo Food Processing Inc., an affiliate of the Thai World Group of Companies, is investing P1 billion in a coconut processing facility in Misamis Oriental, the Philippine Economic Zone Authority (PEZA) said.
In a message coursed through its Public Information Division on Monday, April 21, the PEZA said PhilCo has registered the project with the agency, entitling the company to six years of income tax holiday and other tax incentives.
The construction of the facility will start in October 2025, with the project’s commercial operations eyed between December 2025 and January 2026, PEZA said.
The company will produce ultra high temperature (UHT) coconut milk and frozen coconut meat for export to Thailand, Europe and the United States, the PEZA said.
The Philippine Information Agency (PIA) in a statement on April 15 said PHIVIDEC Industrial Authority administrator and chief executive officer Joseph Donato Bernedo, and PhilCo director Buncha Punyatanakorn signed on April 11, the 20-year lease agreement for a 39,596-square-meter site of the project in the PHIVIDEC Industrial Estate, Mohon, Tagoloan, Misamis Oriental.
With a capacity of 78,000 tons of UHT coconut milk annually, the project plans to source about 500,000 coconuts daily from farmers in Northern Mindanao and surrounding provinces, the PIA said.
The project will create over 1,000 direct and 1,500 indirect jobs, it added.
