DMCI Holdings Inc. plans to expand its oil palm plantation to at least 20,000 hectares over the long term, chairman and president Isidro Consunji said in a report by Philstar Biz.
The expansion targets the country's growing demand for vegetable oil, which is used in food processing, cooking, and industrial applications. DMCI's push into agribusiness comes as the Philippines relies heavily on imported palm oil, presenting an opportunity for local production.
Currently, DMCI operates oil palm plantations in Palawan and other areas. The company expects the expansion to be carried out over several years, with the goal of capturing a larger share of the domestic market and reducing dependence on imports.