A Malaysian investor has already inspected locations for planned oil palm plantations in Davao City’s highland districts of Paquibato and Marilog, according to Ivan Cortez, head of the Davao City Investment Promotions Center (DCIPC.
The investor, who was not identified, needs about 20,000 hectares for its project.
The Malaysian project looms as one of the biggest investments in the agriculture-rich yet undeveloped districts in this city of 244,000 sqiare kilometers.
Investment in Paquibato and Marilog have for years been hobbled by heavy presence of communist insurgents.
Vice Mayor Paolo Duterte is strongly supporting oil palm production in the districts that are also being eyed for mining ventures by foreigners. Paquibato and Marilog is said to be rich in gold and copper deposits.
Earlier, reports said that foreign investors are eyeing from 50,000 to 100,000 hectares of the inland districts for oil palm production.