Another Korean firm to produce coco fiber, coco peat
MANILA - Two South Korean companies are set to produce coconut products in the Philippines and export these to the United States, China, and South Korea.
The Board of Investments (BoI) said it approved a total of P130.8 million in investments by Coco Davao Inc. and Cocoplus Incorporated.
Coco Davao was approved as a new export producer of a non-traditional export product.
The company's P125 million project will be located in Sta. Cruz, Davao del Sur.
It will produce Coconut Water Concentrate at an annual capacity of 2.16 million liters.
All of its products will be exported to the United States.
COCO FIBER, PEAT
The BOI also approved Cocoplus Incorporated as a new export producer of coconut fiber and coconut peat.
The Korean-owned company will put up a P5.8 million project in Purok 7, San Roque, Digos City, Davao del Sur.
It will have an annual capacity of 1,757 tons of coco fiber and 2,635 tons of coco peat.
The company said it will employ 46 people when operations start this month.
It will export 100 percent of its products to China and South Korea.
Both projects are expected to provide a total of 215 jobs when fully operational.