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PIA Press Release

Davao Oriental site of biggest biofuel investment

By Mai Gevera

Davao City (8 December) -- Davao Oriental is the newest investment site between the Philippines and Spain on biofuel sourcing as President Gloria Macapagal-Arroyo signed a $200 million palm oil investment venture.

Governor Corazon Malanyaon witnessed the signing between President Arroyo and the Spain-based firm Green Fuel Corporation that will work with the Philippines' Guidance Management Corporation.

It is one the reasons for the President's visit in Spain is to personally get involved in the critical phases of negotiations of the more than P9 billion agriculture-related projects that are set to benefit the Filipino people. Most of the agreements signed are focusing on the large-scale production of Jatropha as an alternative energy source and as a feedstock.

The investment to be made in Davao Oriental is just one of the agriculture-related investments to be started very soon. Davao Oriental will be the home of the 60,000-hectare palm oil plantation that is estimated to alleviate the lives of 10,000 families in the said province.

President Arroyo expressed full support for such investment as this is believed to be so strategic in developing the vertically integrated biodiesel projects in the Philippines.

Once the investment will be established, other value chain are expected to gain a positive effect especially on the procurement of feedstock, oil crushing, extraction, and the biodiesel production.

Even local companies can benefit from the said negotiation since the Green Fuel Corporation and the Guidance Management Corporation agreed to open the incorporation with local companies especially from the fuel distribution sector.

It will open more business opportunities such as the construction of an oil crushing facility that can accommodate 200,000 tons. Another plan is to set up a biodiesel plant that can handle a production of about 110,000 tons per year. The agreement also cited the plan of expanding the company to other parts of Southeast Asia. (PIA XI) [top]

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