• Thai Coconut is set to establish its first international manufacturing plant in Mindanao with an investment of P734 million
• The Thai publicly listed company will build its coconut milk production facility at Anflo Industrial Estate
• Expected to begin operations by early next year, the facility will boost Thai Coconut’s production capacity by over 60%
• The factory will operate under newly-formed subsidiary Novococonut Inc.
Thai Coconut is set to establish its first international manufacturing plant in Mindanao with an investment of P734 million (430 million baht).
The Thai publicly listed company will build its coconut milk production facility at the Anflo Industrial Estate (AIE) in Panabo City. The 63-hectare AIE is a Philippine Economic Zone Authority (PEZA)-accredited industrial park.
The investment was formalized on February 11 at the AIE, with Thai Coconut CEO Dr. Worawat Chinpinkyo and Damosa Land Inc. president Ricardo Lagdameo leading the signing.
The facility, expected to begin operations by early next year, will boost Thai Coconut’s capacity by over 60% to meet increasing demand from the US and Europe. The investment aligns with the company’s board-approved strategy last January 27 to expand its coconut product line and strengthen global competitiveness.
The project will increase the company’s maximum coconut milk production from 99,000 tons to 155,000 tons annually. Initially, the factory will focus on canned coconut milk production, with future expansions into other packaging formats.
“Additionally, this venture presents new business opportunities by providing access to lower-cost coconut raw materials and leveraging special economic zone benefits in the Philippines. These advantages will reduce raw material costs, improve logistics efficiency, strengthen the company’s supply chain, and enhance its global market competitiveness,” Worawat said.
The company will establish a new Philippine subsidiary, Novococonut Inc., which has secured a 25-year land lease at AIE to construct a state-of-the-art factory for coconut milk production and export. The construction and machinery installation are expected to be completed by the first quarter of 2026.
AIE is near Davao International Container Terminal, ensuring efficient transport of raw materials and exports. The terminal offers infrastructure tailored for industrial-scale operations, including modern utilities such as electricity, water supply, wastewater treatment, and warehousing facilities.
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The site is near coconut resources, leveraging the Philippines’ status as one of the world’s largest coconut producers. The surrounding areas of AIE are recognized for high-quality coconut cultivation, ensuring a steady and direct supply of fresh raw materials to support Thai Coconut’s manufacturing and export operations.
Thai Coconut is also set to benefit from the ASEAN Free Trade Area agreements and PEZA incentives, including import tax exemptions on equipment and reduced corporate income tax rates. Additionally, the factory will export coconut water back to Thailand, further expanding its domestic and international markets.
Mindanao Development Authority chair Secretary Leo Magno, represented by Assistant Secretary Romeo Montenegro, welcomed the investment, citing its economic impact on Mindanao’s coconut sector.
“This strategic investment is a major boost to Mindanao’s coconut industry, adding significant value, creating local employment opportunities, and reinforcing our region’s role in the global coconut supply chain,” Magno said.
