Philippine farm sector secures US$351 million investment from US

 

 

US investors have committed US$351.3 million in fresh investments covering various farm-related projects in the Philippines, the agriculture department said Wednesday.

 

The investments include those involving feedmilling, food and beverage plants and biofuel facilities, it said.

 

A group of American businessmen undertook a trade and investment mission in the Philippines, coinciding with a visit by US Agriculture Secretary Tom Vilsack late last month.

 

Specifically, the Alan Group is keen on developing a 360 million litre a year jatropha oil processing facility that could require an investment of up to US$312.5 million, the department said in a statement.

 

Novick Industries Ltd. is also interested in various farm industries in the country that include food processing, grain trading and shipping as well as in developing a feedmilling facility. The feedmilling facility alone could draw an additional investment of US$15 million for the Philippines.

 

Verdant Ocean, an exporter of aquaculture feed and equipment, may also invest around US$3 million in an aquaculture and seafood production project, it added.

 

The trade and investment mission "accentuated the mounting investor confidence in Philippine agriculture and fisheries and made the department all the more bullish on its forecast of a strong rebound for this sector in 2010," said Agriculture Secretary Arthur Yap.

 

The Philippines' farm sector has been severely affected by the onslaught of two recent typhoons that caused over PHP24 billion (US$513.6 million) in damage to crops and farm infrastructure.