HOLDING firm Roxas & Co. Inc. (RCI) has diversified into the coconut business by investing in a P881-million coconut processing facility in Tupi, South Cotabato.
RCI signed a partnership deal with Sigma Xynergies Inc. – an exporter of coconut milk, virgin coconut oil and frozen coconut concentrate – to set up the plant, which is targeted to be operational by the fourth quarter of 2016.
Pedro Roxas, RCI chair, president and chief executive officer, told the Philippine Stock Exchange that the joint venture company would be named Roxas Sigma Agriventures Inc.
The joint venture will operate the plant in Tupi, South Cotabato within the “SOCCSKSARGEN” region – referring to the region comprising South Cotabato, Cotabato, Sultan Kudarat, Sarangani and General Santos City – which Roxas described an area rich with coconut plantations of good quality and strategically located near the General Santos port facilities.
“Once operational, the facility will be able to process at least 200 metric tons per day of coconuts to produce coconut water concentrate, coconut milk, coconut cream and virgin coconut oil (VCO), mostly for export,” Roxas said.
The Philippines is considered the biggest coconut exporter in the world.
RCI is a holding firm engaged in sugar, real estate and renewable energy businesses. Hong Kong-based First Pacific Co. Ltd., which is expanding into Philippine agri-businesses, is a strategic investor in this company.