DAMOSA LAND, Inc. and Thai Coconut Public Company Ltd (SET: COCOCO) signed a memorandum of understanding on Feb 11, 2025, to develop a state-of-the-art coconut milk production facility at the Anflo Industrial Estate (AIE) in Panabo City.
As AIE’s new locator, COCOCO has made an investment of around 430-M Baht (Php 738-M) to develop the facility and enhance coconut milk production with a capacity of reaching 155,000 tons per year to meet the global demand for coconut milk.
It is also strategically positioned to source raw materials from the local agricultural sector that will benefit coconut farmers in Mindanao from the consistent demand and growth. This will also generate opportunities for local farmers and businesses to thrive in Davao Region’s growing agro-industrial ecosystem.
Key representatives from both companies attended the MOU signing, which outlines a 25-year land lease agreement to build the new facility, set for completion by the first quarter of 2026.
In an interview with Asec. Romeo Montenegro, Mindanao Development Authority (MinDA) deputy executive director, welcomed the strategic investment of COCOCO in Mindanao.
“This is a demonstration of Mindanao’s ability to really welcome such very important investments considering also that this branch alone compliments our broad strategy of bringing the products up the value chain, particularly for the coconut industry,” Montenegro said.
Montenegro said that the project will help generate jobs, create value addition to coconut products, and boost Mindanao’s positioning in the global value chain.
He highlighted that Mindanao accounts for more than half of the Philippines’ coconut production, ranking second among the top coconut-producing countries in the world and number one in terms of exports.
