The new 150-ton multi-seed physical refining plant is the second joint venture between MRC and Mitsubishi Corp. of Japan, six years after the first refinery started operations.

The plant is strategically located in a 6,000-square meter area of CAIP’s 42-hectare lot, a few kilometers from the Lipa International Cargo Airport and away from the Batangas seaport.

MRC general manager Antonio B. Eleazar said 60 percent of the investment came from Coconut Industry Investment Fund and 40 percent from the Mitsubishi’ s Oils and Fats Division.

Eleazar said the second refinery, which is fully equipped with 16 30-ton stainless steel tanks and two 500-ton steel tanks, is expected to meet 70 percent of country’s domestic consumption for edible oil.

A total of 26 people are employed, since the new refinery has modern equipment, including an advance production control system, low temperature vacuum generating process, free fatty acids recovery column, and a deodorizing column.

To tailor the needs of the consumers, the MRC will spend another R40 million for additional equipment and warehouse, citing that their corporate clients are increasing, he said.

Eleazar said last year, the MRC exported 80,000 tons of refined oils, including coconut and edible oils, and had total exports worth about $ 45 million.

He disclosed that the MRC has been exporting palm oil and palmolene from Malaysia and Indonesia and its coconut oils came from the Visayas and Mindanao. He said palm oil serves as a direct replacement for coconut oil, citing it is a hundred dollars cheaper than the latter.

Also during the inauguration, Lilia B. de Lima, Director General of the Philippine Export and Processing Zone (PEZA), assured local and Japanese investors of government’s support.