Damosa Land, Thai firm sign deal for P772-M coconut facility

REAL ESTATE developer Damosa Land, Inc. (DLI) has secured a 430-million-Thai-baht (around P771.87 million) investment to establish a coconut milk production facility within the Anflo Industrial Estate (AIE) in Panabo City, Davao del Norte.

Thai Coconut Public Company Ltd. (COCOCO), a global player in coconut products, recently signed a memorandum of understanding (MoU) with DLI to build the facility, slated for completion by 2026. 

The MoU also covers a 25-year land lease agreement inside AIE.

“This partnership directly aligns with our mission to support local industries and stimulate sustainable economic development,” said DLI President Ricardo F. Lagdameo in an e-mail statement.

“By partnering with a global leader like COCOCO, we are creating a valuable supply chain ecosystem that provides income and employment opportunities for the local community while positioning Mindanao as a key player in the international market.”

The project is expected to boost COCOCO’s capacity to meet growing global demand for coconut milk while creating opportunities for Mindanao’s agro-industry.

DLI said COCOCO is also considering applying for special economic zone privileges under the Philippine Economic Zone Authority to receive tax and investment incentives. 

The facility is expected to generate employment opportunities during construction and long-term operations.

“Damosa Land’s ability to attract international investments like this demonstrates the strength of our vision for AIE as a catalyst for long-term economic development,” Mr. Lagdameo said.

Damosa Land is the property development arm of the Davao-based ANFLOCOR Group of Companies. It specializes in mixed-use, residential, commercial, industrial, and tourism-related properties. — Beatriz Marie D. Cruz