US firms plan over $350-M investments in RP
Reuters | 11/11/2009 4:41 PM
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MANILA - US companies have pledged to invest a total of $351.3 million in biofuel, food processing and aquaculture projects in the Philippines, the government said on Wednesday.
US-based biofuel producer Alan Group is planning to build a 360-million-litre a year jatropha oil processing plant on the main Luzon island which will cost $312.5 million, Manila's Department of Agriculture said in a statement.
Novick Industries, another private US firm, plans to spend $15 million in a joint venture for a feedmill project, the statement said.
The investment pledges followed a US trade and investment mission led by US Agriculture Secretary Tom Vilsack to the Philippines in late October.
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