Marcos supports coconut industry with PHP350M facility

President Ferdinand Marcos Jr. vowed to support the coconut industry during the launch of an Integrated Coconut Processing Facility in Misamis Oriental on Tuesday.

Marcos promised assistance similar to that given to rice farmers, emphasizing value addition and marketing support for coconut products, with a goal to make the Philippines the world's top coconut producer before his term ends.

The PHP350-million facility aims to process coconut oil and water, addressing growing international demand, particularly in Europe.

During the launch, Marcos also inaugurated an expanded Balingoan port, which features a modern two-story passenger terminal with 500-seat capacity and over 10,000 square meters of cargo handling space.

The expansion is expected to boost trade, tourism, and regional economic activity in Northern Mindanao, benefiting Camiguin Island, which posted an 11% economic growth rate in 2023.