The Philippine Economic Zone Authority (PEZA) confirmed on Monday that a Malaysian firm, Alif Agro-Industrial, Inc. (Alif) will investin the Philippines worth $1 billion (P49.8 billion) for a palm-oil refinery. The palm tree plantation and oil refinery will be located in Mindanao.

Here are three fast facts on the Malaysian firm investing for a palm oil plantation in Mindanao.

 

1. The plantation will be located in Agusan Del Sur, Mindanao. PEZA Director General Charito B. Plaza confirmed that the Philippines is very close to secure this investment.

Plaza said that the company is eyeing on three locations with Agusan Del Sur. These include the municipalities of Rosario, Esperanza and Bunawan. Alif intends to build the plantation within  128,000 hectares of land.

“Actually, the company has been wanting to invest here since five years ago but it doesn’t know where to go until it learned about PEZA,” The Manila Bulletin reported Plaza, as saying. Plaza added that she will be in Malaysia for three days next month to meet with the executives of Alif.

“The company would want me to see their refinery of palm oil and plantations and to have a talk with the Philippine government on how we can help one another to realize and implement it fast,” Plaza said.

2. PEZA said it will be the biggest investment in the country for the agriculture sector.

“The roll out of the project will really depend on our side, on how fast we can approve it. But they have the [funding], coming from the Malaysian banks and financial institutions,” The Philippine Daily Inquirer reported Plaza, as saying. Plaza said that there could be a problem in getting the endorsement from the local government that would be covered by the proposal.

3. Alif was also eyeing to invest more plantations to be located in Malungon, Sarangani.

Alif already has oil palm plantations located in Palawan, Agusan del Norte, and North Cotabato. It was looking forward to build 10,000-hectare oil palm plantation in Sarangani.

What do you think of the PEZA update on the Alif Agro-Industrial Inc's investment in Mindanao? Let us know in the comments section below.