Malaysian, MisOr firms sign deal on 1M oil palm seeds for farmers

CAGAYAN DE ORO (MindaNews/12 May) — A leading Malaysian agribusiness firm entered into an agreement with a Misamis Oriental-based agricultural company on Monday to distribute one million of high quality oil palm seeds to farmers in Bukidnon and Misamis Oriental.

Felda Global Ventures (FGV) Vice President S. Palaniappan hailed the signing of the business partnership with Bali Oil Produce Corporation of Misamis Oriental as “a milestone.”

Palaniappan said the oil palm seeds they intend to distribute to farmers in the two provinces are assured of quality as these are backed by extensive research and development by their firm.

“This is a milestone in collaboration. The quality of our seeds is supported with extensive research and development by our company,” Palaniappan said.

He said they plan to distribute one million oil palm seedlings to farmers in Bukidnon and Misamis Oriental through the help of Bali Oil Produce Corporation.

FGV is a leading agribusiness firm in Malaysia which uses its cutting edge technology from its research and development department to boost production of palm oil.

Manuel Boniao, chair of Bali Oil, said they will distribute the seedlings to farmers in the towns of Kalilangan , Maramag in Bukidnon and Tagoloan and Villanueva in Misamis Oriental.

He said they intend to cover 50,000 hectares in the first year of the arrival of seedlings.

“One major thing that is different here is that the farmers still own and till their lands unlike other agricultural companies that produce pineapple and bananas,” Boniao said.

“We are just adding more value and profitability to the farmers,” he added.

Boniao said they have tied up with the Development Bank of the Philippines (DBP) and the Cooperative Development Authority to provide soft loans to the farmers.

He said DBP has already agreed to provide loans to 1,750 farmers in the towns of Kalilangan, Pangantukan and Talakag towns in Bukidnon.

The distribution agreement between FGV and Bali Oil also included technology training for the farmers and nursery operations. (Froilan Gallardo/MindaNews)