US trade mission to invest in various RP projects

MANILA, Philippines - A US trade and investment mission led by US Agriculture Secretary Tom Vilsack has expressed interest in investing $351.3 million in the Philippines for projects in sectors such as biofuels, aquaculture, and food and beverage.

Agriculture Undersecretary Berna Romulo Puyat and Marriz Agbon, president of the DA’s Philippine Agricultural Development and Commercial Corp. (PADCC), said 24 American companies which took part in the recent US Agribusiness Trade and Investment Mission to the Philippines have expressed interest in these investment areas during separate business matching forums in Manila and Davao City.

The Manila and Davao forums also generated initial trade possibilities amounting to $20.043 million covering coffee, poultry and beef products, along with geographic information system (GIS) technology, Puyat and Agbon said in their joint report.

The companies include biofuel producer Alan Group, which discussed with First Pampanga Biofuels Corp. its intention to establish a 360-million liter per year crude jatropha oil processing plant that will require $312.5 million in investments.

Novick Industries, another privately-held US company, has also expressed interest in various Philippine industries ranging from food processing, grains trading and shipping, and further revealed plans to pump $15 million into a joint venture for a feedmill plant project.

Verdant Ocean, an exporter of aquaculture feed and equipment and importer of fresh and seafood, is considering investing up to $3 million in aquaculture projects and sustainable seafood production.

“Initial reports from the business matchings held in Manila and Mindanao reveal that the participating 24 American companies indicated interest to invest some $351.3 million in projects covering biofuels, feedmill plant, aquaculture/mariculture, and food beverage plants,” Puyat and Agbon reported.

About 210 Filipino businessmen participated in the business matching forums held at the Makati Shangrila Hotel and at the Marco Polo Davao last month.

At the Mindanao forum, officials of local biodiesel producer Freyvonne Milling Services met with representatives of the Alan Group to discuss the potential of investing in the thriving coconut methyl esther (CME) industry in the Philippines.

“The Alan Group showed great interest in investing in the CME plant of Freyvonne in Davao City. Projected investment for the development of a 30 million liter per year biodiesel refinery is at  $20 million,” Puyat and Agbon said. 

Notre Data Cola Co., a start-up beverage company specializing in producing soda from date syrup mixed with various tropical fruit juices, also opened exploratory talks with the US Fed Group, which expressed interest in the former’s project concept, they said.

The US Fed Group develops and supports US private-public partnerships, economic development and provides financing for the export of any type of goods and services, including commodities.