A Japanese company is putting up an initial capital of P500 million for the establishment of a 10,000-hectare castor oil bean plantation in the province of Davao del Norte.
Officials from Sansen Industry Company, Ltd. in Osaka, Japan paid a courtesy visit at the office of Governor Rodolfo del Rosario following an ocular inspection of areas in the province suitable for the production of castor beans.
Eiji Suzuji, charge manager of Sansen’s Overseas Business Division, revealed his company is looking for marginal areas to grow castor plants.
He said the crop does not require a good quality of soil since they have the technology to get the best seeds and generate maximum quality of castor oil from a minimum number of beans (seeds).
Suzuki, who was accompanied by Sansen chief executive officer Hiroaki Kakuda and executive director Shogo Matsuzawa, said his group is preparing a feasibility study that will be available by January next year.
He revealed that if the project pushes through, his company will have to infuse additional capital for the construction of their office and industrial plant in the province.
The group also visited the Hijo Port in Madaum, Tagum City, to look for possible sites for the construction of a depot for storing processed castor oil ready for shipment.
Gov. Del Rosario welcomed the proposed investment as it will put to good use idle lands in marginalized areas of the province.
According to him, prime agricultural lands in the province are already planted with high-value crops (HVCs), such as cavendish banana, rice and the like.
He noted that castor oil beans, as a crop, cannot compete with the HVCs in terms of production per hectare. He offered the vast tracts of idle lands, particularly the areas included as part of the ancestral domain of the indigenous people in the municipality of Talaingod, as ideal for castor oil bean production.
He also assured the commitment of the provincial government, particularly in persuading the tribal leaders to support the project once it is found to be feasible.
“I assure you the support of the province. Once your feasibility study is complete, be ready with your technology, financing and marketing strategies,” he told the Japanese investors.
Suzuki cited castor oil, which is a very pale yellow liquid that is extracted from castor beans (seeds) (Ricinus Communis), is a very important commodity owing to its many medicinal, industrial and cosmetic uses.
A source from the net revealed castor oil is used in medicines, textiles, detergents, industrial and aircraft lubricants, treatment of leather, engineering plastic, coatings and inks, sealants, surfactants, emulsifiers, encapsulants, plastic films, plasticizer for coatings, and components for shatterproof safety glass, among others.
The anti-inflammatory and anti-oxidant oil has also been used for centuries for its therapeutic and medicinal benefits, particularly on multiple sclerosis, parkinson’s disease, cerebral palsy, hair loss, and pain from arthritis and rheumatism.
