(pna photo)
MANILA— The Board of Investments (BOI) has approved the PHP245.7-million coconut milk project of Century Pacific Agricultural Ventures Inc. (CPAVI) in General Santos City.
In a statement Friday, BOI said the new production line in CPAVI’s facility in Barangay Tambler, Calumpang, Purok Lansong in General Santos City targets to produce 15.3 million kg. of coconut milk annually for export to Malaysia.
It partnered with Llanco Manufacturing Sdn. Bhd., producer and supplier of coconut-related products in Malaysia, for the export of CPAVI’s coconut milk to the neighboring country.
The project is registered under Export Activities of the 2017 Investment Priorities Plan (IPP).
“This will further boost the exports of various coconut products since they are in great demand abroad,” Trade Undersecretary and BOI managing head Ceferino Rodolfo said.
CPAVI targets to kick off its commercial operation by January 2018.
The investment will also generate 536 new jobs.
CPAVI is a wholly-owned unit of Po family’s Century Pacific Food Inc., producer of canned food products, such as Century Tuna, 555 Sardines, and Argentina Corned Beef, as well as Swift Hotdog.
CPAVI has been registered with the BOI as producer of various coconut products, such as coconut beverage and coconut shell, virgin coconut oil, and coconut flour that are mostly exported to the United States and Europe.