Unifrutti Group Philippines plans to invest US$20m to double the size of its banana plantation in Mindanao.
At a forum held to encourage investment in Mindanao, Unifrutti Group chairman John P Perrine said thecompany would invest US$20m to develop a 1,000ha plantation in the region.
He told Business World Online that the company currently operates a 1,000ha plantation in the province of Maguindanao.
The company was keen to expand its operations in Mindanao as the area is well suited to agricultural production, reported the news source.
“We have the water there, which is good for agricultural production,” he said. “There are no typhoons. There is no work stoppage, and no economic losses due to typhoons in Mindanao.”
Mr Perrine said the company was also considering expanding its pineapple operation in the province of Lanao del Sur.
The company’s main markets for its bananas included Japan and Korea, the news source reported.