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BOI approves P490-M sugar mill plant

The Board of Investments (BOI) has approved the PHP490 million sugar mill project of HDJ Bayawan Agri-venture Corp. (HBAC) in Negros Oriental.

Located in a five-hectare property in Barangay Bugay, Bayawan City, Negros Oriental, HBAC's sugar mill plant has a capacity to produce 427,050 bags of 50-kilogram bag raw sugar annually.

It will also produce 7,665 metric tons of molasses, by-product, annually.

The operation of the sugar mill started this month employing 151 personnel.

"The establishment of the new sugar mill plant will dramatically reduce cost of transporting sugarcane among farmers within the area by as much as PHP600 per ton," BOI Managing Head Ceferino Rodolfo said.

"Farmers will now have greater flexibity on where to send their sugarcanes for milling," Ceferino added.

HBAC investment is part of the over PHP616 billion investment approvals of the BOI this year.

This year is BOI's largest investment approval in the past 50 years.

It also surpassed its target of PHP500 billion for its 50th anniversary.

Kris Crismundo / PNA