"Enzybel requires a lot of papain extracts as raw materials for its various products and we hope we could start exporting this year,"said Danilo P. Manayaga, president and chief executive officer of Secura.
Manayaga said Enzybel will be initially buying 12 metric tons (MT) of papain extracts at the prevailing world market price of $6,000 per MT. The volume will be gradually increased over time.
"We are projecting to export 300 metric tons of papain extracts on our third year, and possibly increase this further once we are able to address our problem of supply in the local market," said Manayaga, adding that the current domestic supply of papain won’t be enough to supply Enzybel’s papain requirements.
Enzybel is a high tech company specializing in the extraction, purification and preparation of enzymes from vegetal origin, particularly papain, which is extracted from the fruit of the papaya tree.
Papain is mainly used in pharmaceutical, food, pet food, cosmetic and textiles industries. Enzybel sells papain preparations in three different forms: powder, microgranulated and liquid form. It supplies formulations based on customer requirements for specific applications.
"There is tremendous opportunity for local biotech companies to take advantage of the growing requirements of companies like Enzybel which controls 80 percent of the papain global market. Current papaya production should be increased at an accelerated pace to supply the export market," said Manayaga, adding that at its initial exports of 12 MT, it would be requiring supply from 833 hectares of papaya farms.
To prepare for its first-ever export venture, Secura, while already in the process of upgrading its manufacturing facility in Gingoog City, Misamis Oriental, is seeking a P100-million loan from the Development Bank of the Philippines to establish the existing plant as a good manufacturing practice (GMP) facility.