THE BOARD of Investments granted various fiscal and nonfiscal perks to two coconut water export projects worth P130.9 million.
The larger project given BOI approval was that of Franklin Baker Company of the Philippines, which is putting up an P88.6-million coconut water concentrate plant that will complement its desiccated coconut manufacturing operations.
The new plant will be located within the Franklin Baker compound in San Pablo, Laguna, adjacent to the company’s desiccated coconut plant.
The coconut water plant will make use of the raw coconut water derived from the firm’s desiccated coconut manufacturing operations. Around 19.5 million kilograms or 16.5 million liters of raw coconut water, which are just wasted every year from existing operations, will now be processed and exported mostly to clients in Brazil and the United States.
The project will employ 62 people when it starts its commercial run in November.
Coconut water concentrate is commonly used in beverages: As plain coconut water, as a base for blended drinks, or as a mixture for tropical purees. It can also be used to marinate chicken and meat, as well as a substitute for pancake and ice cream syrups.
Also given BOI perks was Purebev International Corp. for the P42.3-million Purebev2 coconut water clarification project.
Coconut water clarification is done by removing the fat from coconut water, helping improve its shelf life by six to eight months.
The company will export all of its output to customers in Canada, Japan and the United States.
The new facility will start operating by November, employing 43 individuals.
“As coconut water exports rise, this will definitely boost the coconut export industry as a whole. The strategy is to seize opportunities for the country’s agri-business and resource-based products (sectors),” Trade Secretary Gregory Domingo said in a statement.