Del Monte Arabia is planning a US$250 million investment to develop a banana and pineapple plantation in Palawan in the Philippines within two years.
Under the planned project, Del Monte Arabia plans to secure long-term leases of a minimum of 25 years and secure contract growers for the planation. The fresh produce produced through the venture will be exported to markets in the Middle East and North Asia.
The scale of the project will reportedly be equal to that of the plantation of Del Monte Philippines Inc., which is owned by a separate group, according to the governor of Palawan, Jose Chaves Alvarez.
Del Monte Philippines is a global leader in the production and marketing of pineapples, and over 100 different processed foods, and beverages. The group operates the world’s largest integrated pineapple operation encompassing 20,000 hectares across Bukidnon and Misamis Oriental, in the Philippines.
Palawan is aiming to attract US$550 million in private investments in agriculture, infrastructure, tourism, and energy over the next ten years with the goal of increasing its tourist arrivals from 1 million to 3.5 million per year.
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