MARKET DEVELOPMENT
First Pacific Eyeing Oil Palm Plantation
First Pacific Eyeing Oil Palm Plantation
22/05/2013 (Manila Standard Today) - Hong Kong-based First Pacific Co. Ltd. is keen on putting up a 30,000-hectare oil palm plantation and a processing factory in Davao Oriental province to serve the domestic and export markets, its top executive said Tuesday.
First Pacific managing director Manuel Pangilinan said his group might form a new company in partnership with Indofood Agri Resources Ltd., the largest food concern in Indonesia, to operate the farm. Pangilinan is president of Indofood Agri.
He said Indofood Agri recently sent a team to Davao Oriental to check potential farm areas in the province.
“They are still assessing the areas that may be available for a palm oil plantation,” Pangilinan said.
“We are interested in others, but only palm oil has been assessed… for both production and processing. They will build not only a plantation but a factory and products will be for domestic and exports,” he said.
The executive said First Pacific was also interested in a banana plantation. “We are looking at the industry. In some ways it is attractive because it is a commodity where the Philippines has some sort of control over the prices,” Pangilinan said.
“Our worry is the recent typhoons hitting the seaboard of Mindanao. We are concerned with the impact of weather change on the industry because they are quite fragile plants,” he added.
Pangilinan earlier said he was in discussions with the Department of Agriculture for possible investments.
“It was a broad ranging discussion, and we have request them to identify parcels of land which could be available for large- scale commercial farming,” Pangilinan said earlier.
PT Indofood Sukses Makmur Tbk of Indonesia may also form a joint venture in the Philippines to invest in a large-scale commercial farm.
PT Indofood is controlled by First Pacific, which has stakes in Philippine Long Distance Telephone Co., Metro Pacific Investments Corp., Manila Electric Co. and Philex Mining Corp.
Pangilinan said his group preferred to lease and develop the land into a large-scale commercial farm.
He said the group was willing to form a new company in partnership with Indofood, the largest food company in Indonesia.
“Indofood is a major plantation operator in Indonesia in palm oil, sugar, rubber, coffee and cacao. These are the crops that we’re familiar with,” he said earlier.
“We are large scale. In Indonesia, for example, the plantation of palm oil alone is around 240,000 hectares. That is the scale we are looking for, maybe not entirely 240,000 but a sizable hectarage,” Pangilinan added.
Indofood, controlled by the Salim family, is engaged in oil palm cultivation and milling; as well as the production and marketing of branded cooking oils, margarine and shortening. It is also engaged in the cultivation and processing of rubber, sugar cane and other crops.
First Pacific managing director Manuel Pangilinan said his group might form a new company in partnership with Indofood Agri Resources Ltd., the largest food concern in Indonesia, to operate the farm. Pangilinan is president of Indofood Agri.
He said Indofood Agri recently sent a team to Davao Oriental to check potential farm areas in the province.
“They are still assessing the areas that may be available for a palm oil plantation,” Pangilinan said.
“We are interested in others, but only palm oil has been assessed… for both production and processing. They will build not only a plantation but a factory and products will be for domestic and exports,” he said.
The executive said First Pacific was also interested in a banana plantation. “We are looking at the industry. In some ways it is attractive because it is a commodity where the Philippines has some sort of control over the prices,” Pangilinan said.
“Our worry is the recent typhoons hitting the seaboard of Mindanao. We are concerned with the impact of weather change on the industry because they are quite fragile plants,” he added.
Pangilinan earlier said he was in discussions with the Department of Agriculture for possible investments.
“It was a broad ranging discussion, and we have request them to identify parcels of land which could be available for large- scale commercial farming,” Pangilinan said earlier.
PT Indofood Sukses Makmur Tbk of Indonesia may also form a joint venture in the Philippines to invest in a large-scale commercial farm.
PT Indofood is controlled by First Pacific, which has stakes in Philippine Long Distance Telephone Co., Metro Pacific Investments Corp., Manila Electric Co. and Philex Mining Corp.
Pangilinan said his group preferred to lease and develop the land into a large-scale commercial farm.
He said the group was willing to form a new company in partnership with Indofood, the largest food company in Indonesia.
“Indofood is a major plantation operator in Indonesia in palm oil, sugar, rubber, coffee and cacao. These are the crops that we’re familiar with,” he said earlier.
“We are large scale. In Indonesia, for example, the plantation of palm oil alone is around 240,000 hectares. That is the scale we are looking for, maybe not entirely 240,000 but a sizable hectarage,” Pangilinan added.
Indofood, controlled by the Salim family, is engaged in oil palm cultivation and milling; as well as the production and marketing of branded cooking oils, margarine and shortening. It is also engaged in the cultivation and processing of rubber, sugar cane and other crops.