Holding firm Roxas & Co. Inc. (RCI) has diversified into the coconut business by investing in an 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, said 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 as an area with vast coconut plantations 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 told the Philippine Stock Exchange in a disclosure.
The Philippines is considered the world’s biggest coconut exporter.
RCI is a holding firm engaged in the sugar, real estate and renewable energy businesses.
Hong Kong-based First Pacific Co. Ltd., which is expanding into local agribusinesses, is a strategic investor in this company. Doris Dumlao-Abadilla