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Malaysian oil palm developers are looking to establish a a 100,000-hectare palm oil plantation and extraction facility on the island of Mindanao in the Philippines, reports Business Mirror, a Philippine business publication.
Agriculture Secretary Arthur Yap visited potential sites in Compostela Valley, Sarangani, Misamis Occidental, North Cotabato and South Cotabato. Adani Wilmar Group Ltd. of Malaysia is reporter to be the prospective investor.
According to Business Mirror, the regional office of the Department of Agriculture says the Compostela Valley has 92,000 hectares available, much of which is government-owned.
The Philippines produced around 70,000 metric tons of palm oil last year, according to the U.S. Department of Agriculture.
Facing land shortages at home, Malaysia says it will seed to expand palm oil production overseas. Malaysia is the word’s second-largest palm oil producer.