Manila, April 10 -- Investors have pledged an initial PHP700 million investment to establish a 3.5-hectare coconut industrial park, developing the major farm product of the province.

Jhon Allen Berbon, head of the provincial economic development and investment promotions office, said that in a meeting early this week, investors Stephen Chen and Alex Lao disclosed that the first phase entails a PHP200 million investment, with a subsequent PHP500 million funding for the second phase.

Bulk or 60 percent of the initial investment will be for infrastructure, and the rest are for manpower and operational expenses, at 20 percent each, he said in a phone interview Thursday.

"The envisioned industrial park aims to be a comprehensive processing ...