Japanese group to invest P3.5 B in Ilocos coco-biodiesel project

A Japanese group has commited to invest Php3.5 billion (US$72.87 million) to fund a coco-biodiesel project in northern Philippines in partnership with a local corporation. This was learned yesterday from former Ilocos Sur Rep. Salacnib Baterina, president of the Bio-Energy NL Inc. (BENLINC), the local partner of the Japanese group identified as Pacific Bio-Fields Holdings Plc. Top officials of the two companies met with President Arroyo in Tokyo during her recent visit to Japan where they announced the availability of the Php3.5 billion fund. Baterina said they will start putting up a coconut methyl esther (CME) processing plant next month in Pasuquin, Ilocos Norte. PBFH and BENLINC started planting coconut trees in December last year in a 1,500-hectare forest area Pagudpud, Ilocos Norte. The Pagudpud planting area is part of a vast tract of forestland extending up to northern Cagayan that the Japanese-Filipino partnership plans to convert into coconut plantations under an occupancy agreement with the Department of Environment and Natural Resources (DENR). The coconut planting project took off after Toyo Engineering Corp. in Japan affirmed the viability of setting up the project in northern Philippines. (July 4, 2009)