1 month ago
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Catherine Talavera - The Philippine Star
February 15, 2025 | 12:00am
MANILA, Philippines — Mindanao-based real estate and agro-industrial developer Damosa Land has secured a multi-million funding from the Thai Coconut Public Company Ltd. (COCOCO) for the development of a coconut milk production facility in Davao del Norte.
In a statement, Damosa Land said the Thai company is investing approximately P740 million (430 million baht) for the state-of-the-art coconut milk production facility at the Anflo Industrial Estate (AIE) in Panabo City, Davao del Norte.
“The project will enhance COCOCO’s production capacity to meet the growing global demand for coconut milk while creating significant opportunities for local farmers and businesses to thrive within the region’s expanding agro-industrial ecosystem,” Damosa Land said.
In line with the collaboration with COCOCO, Damosa Land said they have signed a memorandum of understanding (MOU) for the strategic partnership.
“This partnership directly aligns with our mission to support local industries and stimulate sustainable economic development,” Damosa Land president Ricardo Lagdameo said.
The MOU includes a 25-year land lease agreement at AIE, where COCOCO will establish the new production facility, set for completion by the first quarter of 2026.
Damosa Land said the facility would be strategically positioned to source raw materials from the local agricultural sector, ensuring that Mindanao’s coconut farmers benefit from consistent demand and growth.
COCOCO CEO and managing director Worawat Chinpinkyo said that AIE’s world-class infrastructure and strategic location offer them numerous benefits, including access to abundant raw materials and reduced transportation costs.
He said this would also help boost the coconut industry in Mindanao by providing a ready market for the local produce.
“Our company will offer benefits for the Mindanao coconut farmers so I would like to give you, AIE and the government, our support,” Chinpinkyo said.
By leveraging Mindanao’s natural resources and trade agreements such as the ASEAN Free Trade Area (AFTA), COCOCO aims to enhance its competitive edge globally while supporting the local economy.
The company also plans to apply for special economic zone privileges under the Philippine Economic Zone Authority, which provides tax and investment incentives.
“Damosa Land’s ability to attract international investments like this demonstrates the strength of our vision for AIE as a catalyst for long-term economic development,” Lagdameo said.
“We will continue to seek partnerships that bring technology, innovation, and jobs to Mindanao, creating a sustainable and inclusive economy for future generations,” he added.
Moreover, the Mindanao developer said the new facility is expected to generate substantial employment opportunities during construction and long-term operations, benefiting both skilled and unskilled workers in the area.
It added that the project would also enable knowledge transfer, as local talent gains exposure to advanced production techniques and international best practices.
It said the investment is expected to uplift surrounding businesses and infrastructure, contributing to the overall socio-economic improvement of the region.
