Del Monte to invest P1.6B to convert plants into agro-industrial ecozones

Campos-led Del Monte Philippines Inc. is investing P1.638 billion to modernize and convert its plant in Cagayan de Oro into an agro-industrial economic area, as well as develop and operate a new ecozone in Bukidnon.

The food processing giant is putting in P1.5 billion to convert its Cagayan de Oro cannery into a special economic zone.

The modernization program of the cannery includes the utilization of latest technology, upgrading of facilities, diversification of products and compliance with stringent export standards.

The second project involves the development of another Del Monte property in Bukidnon into an ecozone to be named Bukidnon Agro-Resources Export Zone.

The Bukidnon plant will be a joint venture between Del Monte and Belgium-based Enzybel International S.A. The joint venture will engage in the extraction and processing of enzymes specifically bormelain as well as the stems and leaves of the pineapple.

Completing the first three agro-industrial ecozone is the Pampanga Industrial Park Corp. (PIPC), the developer/operator of the PIPC Cagayan North. It has applied for PEZA declaration of its 50-hectare property in Lalo, Cagayan Valley.

According to PEZA Director General Lilia B. de Lima, the agro-industrial economic zones will serve as locations for the operations of agro-industrial based enterprises to further accelerate the growth and development of the countryside.

In addition to this, it is expected to promote linkages through the production of high value added and better quality agricultural products geared primarily for the export market.

Early this month, the government has approved guidelines for the creation of agro-industrial economic zones, a move that is expected to accelerate the growth and development of the countryside.

“These agro-industrial ecozones will serve as the economic drivers in communities where they will be located,” Trade Secretary and PEZA Board chairman Peter B. Favila said in a stalement.

The agro-industrial ecozones will spur the development of surrounding areas by providing livelihood and job opportunities in food, transport, small retail business, housing.

“It is our objective to open the opportunities for farmers to increase their income and improve the quality of life and help them gain access to modern farm technology resulting from the activities of registered agro-industrial economic zone enterprises,” Favila said.