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First Pacific checks out Davao as possible palm oil plantation

Published on Wednesday, 22 May 2013 00:00 [ Malaya.com.ph ]
First Pacific Co. Ltd., mother company of Metro Pacific,  is eyeing 30,000 hectares of agricultural  land in Davao oriental for palm oil production and processing.
Manuel V. Pangilinan, First Pacific managing director said that Indofood Agri Resources Ltd. (IndoAgri) has sent a team to Davao Oriental for the land inspection and assessment.
“It’s making progress, it’s not as fast as we want to, but I guess the best indicator would be is that Indofood has sent over a team to Davao Oriental and did the first look of the potential areas with the help of governer of Davao Oriental,” he said.
“They are still assessing whether the areas that might be available for palm oil plantation will be suitable. So we  are still waiting for the assesment of Indophil for the potential palm oil plantation,” added Pangilinan.
He said that assessment of the land in Davao Oriental will be announced during his meeting with Indofood board member next week in Jakarta.
The executive said that the 30,000 hectares land is just 10 percent of the area planted to palm oil by Indofood.
“It’s large in Philippine standards, but not in global standards,” he said.
In Indonesia, Indofood’s palm oil plantation is around 240,000 hectares, making it third largest palm oil company in the world.
Besides acquisition of palm oil areas, the executive said that they are looking at establishing a processing plant that would supply both local and export markets.
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