02/10/2009 (Manila Bulletin), Butuan City - Palm oil industry stakeholders are eyeing some 45,500 hectares of land in the Caraga Region to increase their production in the next five years, it was learned Friday.

Considering the marketability of the palm oil, the stakeholders are bent on making Caraga Region as a globally competitive producer of palm oil products.

The Caraga Business Council (CBC), Regional Development Council (RDC), Department of Agriculture (DA) and Department of Trade and Industry (DTI) are closely monitoring these developments on the expected rise of the palm oil industry.

It was gathered that the member-producers want to achieve an increase in the income of palm oil growers and alleviate poverty in general by developing more potential areas for palm oil production as well as building strong partnership among stakeholders.

It was observed by Caraga Region business analysts that palm oil industry is the “sunrise” industry in the region.

Big companies and individual growers are now into palm oil plantation because of its high return.

It was also gathered that a hectare of palm oil plantation can produce between four to 5.5 tons of crude palm oil which is five to ten times greater that the yield of any commercially known oil crop.