Japan firm expands banana plantation investment by P1 B

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Japanese firm Sumitomo Fruits Corp. (Sumifru), a subsidiary of the Sumitomo Corp. of Japan, announced yesterday a P1-billion expansion project for its banana plantation business in Mindanao.

President Arroyo welcomed the company’s expansion move, which was announced by Sumifru president Paul Cuyegkeng during a courtesy call at Malacañang.

Cuyegkeng said Sumifru will undertake a major expansion of its banana plantation, bringing to P6.5 billion its total investment in the banana plantation since December 2004.

The Philippines is among the major exporters of bananas and fruits to Japan, Korea, New Zealand, the Middle East, Hong Kong and China.

Sumifru has been developing 4,000 hectares of land in T’boli, Calinan, Toril and North Cotabato for its banana plantation project.

"In December 2004, we promised the President that we were going to expand our operations. At that time, we promised that we were going to plant 4,000 hectares and spend P800 million to develop the infrastructure to support it," Cuyegkeng said.

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