Region 8 bizmen urged to invest in coconut

PALO, Leyte, Aug. 17  --The Philippine Chamber of Commerce and Industry (PCCI) on Thursday urged businessmen in Eastern Visayas to take advantage of growing demand for coconut products.

Speakingduring the 7^th Eastern Visayas Regional Business Conference at the Oriental Hotel here, PCCI President George Barcelon said investing in coconut development in the region is worthwhile.

“There's a lot of opportunity in agriculture. One of this is coconut, the primary agricultural product of Eastern Visayas. The market for coconut is expected to grow 25 percent every year in the future,” said Barcelon.

He encouraged chamber members to contribute to the full recovery of the industry in the region after super typhoon "Yolanda" heavily destroyed coconut trees when it struck in 2013.

The growth demand is buoyed by investments of giant firms such as Coca Cola, Pepsi-Co, and Vita Coco in selling of coconut drinks, according to the official. 

Coconut water is a clear liquid in the fruit’s centern which contains calcium, magnesium and potassium. It is an increasingly popular drink in the US and even in Philippines, said Barcelon.

Eastern Visayas, with an annual average yield of one billion nuts, reported 33.82 million trees damaged by the 2013 disaster, almost half of the previously 72.75 million thriving coconut trees.

The Philippine Coconut Authority said massive replanting is ongoing to ensure full production recovery in the region.

The holding of business conference is a proof of recovery from the Yolanda’s devastation, according to Wilson Uy, PCCI Leyte-Tacloban chapter president.

“Despite the destruction, we rose up and fought back with the help of local as well as international organizations. It is evident in the growth we have generated in agriculture, tourism, infrastructure, information technology and other sectors,” Uy told the participants.

The gathering aims to promote the region as a business destination and highlight its investment potentials. (SQM/with reports from Reynadel F. Costillas &  Patricia P. Salvo, OJTs/PNA)