Date Posted: 11/14/2005

14/11/05  (Financial Times ) - Malaysian and local investors are considering to invest a total of about P16.7 billion (US$306M) in three palm oil projects in Western Mindanao, an umbrella group of industry players announced.

According to the United Coconut Associations of the Philippines, three groups were awaiting the approval of their proposed palm oil plantations and mills.

Ucap said that based on plans, the investors were interested in putting up plantations that cover a total of 129,520 hectares of oil palm plantations.

The group did not provide a breakdown of the planned investments but said the biggest project would be that of local Western Mindanao Agro-Forestry and Industrial Development Association Inc. (WMAFID), which is gearing up to plant 107,520 hectares with oil palm.

Another proponent is Zamboanga del Sur-based Alpha and Firsha Properties Development Corp., which had entered into a joint venture with palm oil manufacturer Tabun Haj-Janoub Philippines.

Alpha and Frisha wants to start with a plantation of 8,000 hectares that could grow to as large as 20,000 hectares of oil palm plantations, Ucap said.

Malaysian businessman Han Siew King, a former executive of the old Sime Darby Plantations, had proposed a third project.

Ucap said the investors were on the lookout for possible plantation sites in Zamboanga Sibugay, Zamboanga del Sur and Zamboanga del Norte.