DAVAO CITY, PHILIPPINES(BusinessWorld) 8/30/2001 - Offers made by thePresident for Malaysian investors to develop areas of Mindanao into oilpalm plantations should be pursued with caution, a leading agribusinessexecutive said.Luis Lorenzo, Jr. of Lapanday Holdings said the government should attractinvestments in the context of national interest and in a strategic manner.He cited the case of the coconut industry, which he said, employs fourmillion farmers in the country's rural areas."The President's initiative forms a significant part of the government'soverall effort to create a million jobs in the countryside. But it has tobe emphasized that the President's effort in attracting investments inpalm oil, is being pursued with caution and consideration because of ourcoconut sector... It generates dollars for us."Mr. Lorenzo was part of the President's party that visited Malaysiarecently. During the visit, the President called on investors to helpMindanao develop a palm oil industry. A study done by Malaysian experts inthe mid-'90s indicated there are at least 300,000 hectares of land on theisland highly suitable for oil palm plantation.He said oil palm would never replace the coconut trees in the countryside."Our coconut will therefore continue to enjoy the support it deserves interms of research, production and marketing. Palm oil shall be a meresupplement to our country's need for edible oil. We will produce it tosimply close our trade gap in edible oil."