[ manilastandardtoday.com ] June 2, 2009
The Philippines and South Korea have forged a $600-million five-year cooperative agreement to promote and develop bio-diesel projects in the Philippines.
The agreement was part of President Arroyo’s official visit to Korea on May 30 to 31, said Agriculture Secretary Arthur Yap.
He said two Korean companies, Environment Plasma Co. Ltd. and Eco Solutions Co. Ltd. will develop lands for bio-fuels feedstock.
Yap said the lands leased to Korean investors would not affect the government’s food security targets as only idle areas would be used for bio-fuel production.
CJ Corp. of Korea, during the same visit, expressed interest to invest $49 million in a factory that will produce xylose, a natural sweetener from coconut shells, in Sta. Cruz, Davao del Sur.
President Arroyo met with CJC chairman Kyung Shik Sohn and chief executive Jinsoo Kim yesterday at the Shilla Hotel, where they confirmed plans to invest in another plant in the Philippines.
“The prospective employment generation of the xylose business is at least 1,000 jobs,” deputy presidential spokesman Lorelei Fajardo said.
“The President gave assurance that the Philippine government would extend all necessary assistance and support to ensure the smooth operation of CJ’s investment in the country,” Fajardo said.
CJC earlier invested $7.5 million for an animal feed production plant in San Rafael, Bulacan, Fajardo said.
The coconut industry is a major dollar-earner in the country that provides livelihood to a third of the country’s population.
Of the 12 million hectares of farmlands in the country, one-fourth is devoted to coconut farms in 68 provinces. Joyce Pangco Pañares, Othel V. Campos and PLDT
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