The Department of Trade and Industry’s Board of Investment (BOI) has accredited a Philippine company called Iba Botanicals, Inc., a new essential oil producing company. The company will put up a manufacturing plant in Zambales province with an investment of PHP 109.5 million (USD 2.132 million).
The manufacturing plant will produce essential oils made from ylang-ylang, vetiver, and elemi species. It will have a capacity of 35.6 metric tons or 35,688 kilograms per year, with 100% of the production meant for export, to Asian markets like India, Thailand, Malaysia, and Singapore. The projected output to the economy of the production is PHP 245.28 million (USD 4.77 million). The investment is expected to generate employment of 200 people initially, mainly coming from the indigenous Aeta community in the vetiver plantations of San Juan, Zambales, and is projected to generate a total of 430 jobs in its fifth year of operations.
The company conducted extensive research and development that includes the establishment of trail plantation areas in order for the sample product to be produced for testing and market development. It will employ organic farming techniques and is currently in the process of securing an international organic certification.
(Source: Philippine News Agency)