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600-hectare palm oil farm bags tax perks

Posted on July 08, 2011 07:28:33 PM

THE BOARD of Investments has granted tax perks to Nakeen Corp.’s P174.4-million palm oil plantation which is poised to benefit from growing local and global demand for the commodity, the Trade department said in a statement on Friday.
The 600-hectare plantation in Misamis Oriental, once commercially operational in January 2014, will employ 209 personnel. It will be able to produce up to 13,000 metric tons of fresh fruit brunches a year, the part of the tree from which palm oil is extracted.

The firm is currently waiting for the Environment department’s approval for its 25-year land lease.

The palm trees can grow up to 30 feet and reach a life span of 25 years, while the fruiting starts 3 years from planting, the statement read. Palm seedlings that will be used for the project will be imported from Thailand and Papua New Guinea while farm inputs such as fertilizers will be sourced locally.

The project is seen to assist in countryside development by raising farmers’ income, the Trade department said.

"With the strong demand of palm oil not only domestically but internationally, production can only get better..." Trade Secretary Gregory L. Domingo said in the statement. -- Eliza J. David
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