Philippine Vice President Jejomar Binay inaugurated Thursday in Darong, Sta. Cruz, Davao del Sur a $57-million plant producing xylose, an export item.
The plant is operated by CJ Toyota Tsusho Philippines, Inc., a joint venture of CJ Cheiljedang Corporation and Binggrae Company Ltd. of Korea, Toyota Tsusho Corporation of Japan and Anflocor of Davao.
Binay said it is the first joint venture among Japanese and Korean investors and a Davao-based conglomerate which has been involved in the multi- billion-peso Cavendish banana industry.
“It is a demonstration of foreign investors’ confidence in the Philippines,” the vice president said.
The partners dubbed themselves as “the dream team.”
Korean Ambassador to the Philippines, Choi Joong Kyung, said that the venture brought together Korean advancement in biotechnology, Japanese intensive marketing network and Davao’s ideal agricultural and investment climate.
The CJTPI manufacturing plant will produce xylose from coconut shell which in turn the foreigners will process into xylitol.
Anflocor Vice Chairman Antonio Floirendo Jr. explained that xylitol is used in confectionaries, oral care products and other health food products. He said that the company will initially produce 15,000 metric tons of xylose.
About 77,400 metric tons of coconut shells will be needed to process the volume of xylose needed for export to Korea, Japan, United States and Europe.
Floirendo said that the Darong complex will directly employ over 200 permanent workers and provide additional income to countless coconut farmers who will be asked to sell coconut shells to the company.
For Anflocor, the CJTPI is its second big joint venture inaugurated this year. Last week, Abreeza Mall, a multi-billion-peso joint project of Anflocor with Ayala Group also opened its doors to the public.
Tonyboy Floirendo, Jr., who had assumed bigger responsibility for Anflocor, is currently evaluating another joint venture project for the expansion and modernization project of the Tadeco Port in Panabo City. He intimated that with the rapid industrial development of Davao City and southeastern Mindanao, they are looking at Tadeco port to provide a world-class hub for shipping companies that are making their calls in Davao.
