The Board of Investments (BoI) has approved a P216-million banana production project, which is seen to help boost the country’s exports to key markets and create more than 300 new jobs.
Local firm Anflo Banana Corp. has registered with the BoI as a new producer of Class A fresh Cavendish bananas for export. The company operates a plantation in Compostela Valley.
According to Trade Undersecretary and BoI Managing Head Adrian S. Cristobal Jr., the company is targeting to produce about 1.12 million boxes yearly and plans to expand its seedling plantation to 256 hectares in the future.
Its commercial operations, which started last month, are expected to boost economic activities in the region.
The project boosted the industry’s capability to supply bananas to key export markets, including Japan, Cristobal said.
Anflo Banana has entered into a contract with a multinational corporation engaged in exporting tropical fruits. Under the contract, Anflo’s produce will be marketed under a different brand to countries like Japan and the Middle East.
The Philippines is currently the world’s second-biggest exporter of bananas next to Ecuador, according to the Philippine Banana Growers and Exporters Association. The country is also a major banana supplier to Japan, China, South Korea and New Zealand. The industry provides employment to 320,000 people.
In 2010 Philippine exports of fresh Cavendish bananas had amounted to $720 million. Agriculture projects, in general, were among the top projects approved by the BoI in 2011, with total approved investments for this sector alone amounting to P1.917 billion.
“Agriculture-related investments will help diversify our export offerings consistent with the Philippine Export Development Plan (PEDP). These investments will help boost our revenues and create jobs in the countryside,” added Trade Secretary Gregory L. Domingo.—Amy R. Remo