Tagum Development Corp. (Tadeco), the Davao-based owner of the world’s largest contiguous banana plantation, is going to spend more than P2 billion as part of its “aggressive” expansion, to increase its production amid optimism over the new administration.
A company official said Tadeco, the flagship company of the ANFLOCOR Group of Companies, is now exploring investment opportunities outside Panabo City, where its 7,500-hectares of banana plantation is located.
“To date, our banana expansion program is nearing a commitment worth P1.5 billion while the first phase of our new pineapple project will cost P1.2 billion, an investment in a very depressed and impoverished area in Mindanao,” ANFLOCOR president and chief executive officer Alexander Valoria said.
“As of now, we are the world’s most efficient banana producer as we are number one in the world in terms of export yield per hectare. We continue to expand aggressively in banana operations,” he added.
Panabo City is currently the “Banana Capital of the Philippines” due to numerous banana plantations scattered throughout the city.
For its Tadeco plantation in Panabo City, ANFLOCOR is eyeing increased production this year and in 2017 on the back of improved weather condition and new investments in technology, as we reported here.
(1 Philippine Peso=0.021 USD)
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