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PIA Press Release
2009/06/09

DA Sec. Yap, Malaysian investors visit Comval, palm oil mulled

Davao City (9 June) -- Sec. Arthur Yap of the Department of Agriculture accompanies Malaysian investors in his visit to Compostela Valley last Friday, June 5. They are warmly welcomed by Gov. Arturo Uy and his local officials who meet them in Monkayo town, one of the 11 municipalities in the province.

Sec. Yap brought with him foreign investors led by Goh In Seng, Meng Wei Kuok, Hua Kuok, and Jeremy Goon who are interested on expanding its palm oil industry in the country, particularly on Comval's rich and fertile soil.

According to studies, Malaysia and Indonesia lead about 85 per cent of the world's palm oil production with the latter slightly ahead as the largest producer of palm oil.

According to Monkayo Information Officer Joan Pintal, initially, the group are eyeing on putting up an oil palm plantation in Monkayo, New Bataan and Laak, all of Comval province. She added that they are currently conducting an ocular inspection on the viability of the said areas and is targeting a minimum of 100,000 hectares for the oil palm plantation in Comval.

"We always welcome investors who come in our province. Hopefully, we can attract more investors as this would mean new technologies, one that would help create jobs and develop our economy," Gov. Uy said.

Palm oil is an edible plant oil derived from the fruit and seeds of the oil palm. It is one of the few vegetable oils relatively high in saturated fats such as coconut oil and is widely used as a cooking oil, an ingredient in margarine and a component of many processed foods as well as an important component of many soaps, washing powders and personal care products. (ffm/ids comval) [top]

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