Korean firm Daesang Philippines Corp. is investing P756.24 million for a cassava/tapioca starch production facility inside PHIVIDEC Industrial Estate in Sta. Ana, Tagoloan, Misamis Oriental. The Board of Investments (BOI) has already approved tax and fiscal incentives for the manufacturing plant designed to produce 500 metric tons per day of tapioca starch. It will reportedly hire 492 workers with commercial operations set to start in January 2023.
Daesang earlier signed a business venture with five cassava clusters and a consolidator from the provinces of Misamis Oriental and Bukidnon to deliver fresh cassava tubers to the plant to meet a portion of Daesang’s 500 tons per day requirement.
Initially committing an overall 48,650 metric tons to Daesang are: Bliss Lingion Multi-Purpose Cooperative, Mantibugao Agrarian Reform Beneficiaries (ARBs) Cooperative, and Edwin Labrada, all from Manolo Fortich town, in Bukidnon province, and Mindulao Agrarian Reform Community Cooperative of Magsaysay; Kabangasan Mapua Dahilig Community Cooperative (KMDCC) of Balingoan; and Sampatulog ARB Farmers Cooperative of Alubijid.
The firm also signed a Memorandum of Agreement with the Department of Agriculture (DA), Department of Trade and Industry (Bureau of Investments), Department of Agrarian Reform, and the Cooperative Development Authority for support to empower cassava farmers for market linkages.