Brunei invests in Philippine rice plantations
A Brunei company, Four Bays Iman Sdn Bhd (FBIS), has signed an agreement with SL Agritech of the Philippines to jointly develop 2,000 hectares of rice plantations in the Philippines under the Brunei Indonesia Malaysia Philippines-East Asia Growth Area (BIMP-EAGA) development programme, the companies announced recently.
The move is understood as a “bid to help uplift the lives of more Filipinos” on the island of Palawan and in Nueva Ecija on Luzon.
Under the joint venture, SL Agritech will provide the hybrid rice technology, seeds, agricultural chemicals, and marketing work. FBIS, meanwhile, will invest in irrigation, farm to market roads, land to be subjected for contract farming or lease, drying equipment, transport, post harvest and other processing facilities.
The proposed 5-year plantation programme will require an investment of $30 million in the first year. The joint venture was an offshoot of the BIMP-EAGA agribusiness cluster meeting in Palawan last June 2013. It has been part of an initial discussion between private sector representatives and the BIMP-EAGA Business Council.
A Brunei company, Four Bays Iman Sdn Bhd (FBIS), has signed an agreement with SL Agritech of the Philippines to jointly develop 2,000 hectares of rice plantations in the Philippines under the Brunei Indonesia Malaysia Philippines-East Asia Growth Area (BIMP-EAGA) development programme, the companies announced recently. The move is understood as a "bid to help uplift the lives of more Filipinos" on the island of Palawan and in Nueva Ecija on Luzon. Under the joint venture, SL Agritech will provide the hybrid rice technology, seeds, agricultural chemicals, and marketing work. FBIS, meanwhile, will invest in irrigation, farm to market roads, land...
A Brunei company, Four Bays Iman Sdn Bhd (FBIS), has signed an agreement with SL Agritech of the Philippines to jointly develop 2,000 hectares of rice plantations in the Philippines under the Brunei Indonesia Malaysia Philippines-East Asia Growth Area (BIMP-EAGA) development programme, the companies announced recently.
The move is understood as a “bid to help uplift the lives of more Filipinos” on the island of Palawan and in Nueva Ecija on Luzon.
Under the joint venture, SL Agritech will provide the hybrid rice technology, seeds, agricultural chemicals, and marketing work. FBIS, meanwhile, will invest in irrigation, farm to market roads, land to be subjected for contract farming or lease, drying equipment, transport, post harvest and other processing facilities.
The proposed 5-year plantation programme will require an investment of $30 million in the first year. The joint venture was an offshoot of the BIMP-EAGA agribusiness cluster meeting in Palawan last June 2013. It has been part of an initial discussion between private sector representatives and the BIMP-EAGA Business Council.
