BUTUAN CITY, Philippines – The agriculture sector in the province of Agusan del Norte is expected to get a big boost after new Korean investors are set to start develop a large yellow corn plantation in the area.

The New Philcorn Corporation led by its chairman Cheong Sun Young and president Frances Ramirez Alcaraz had already signed a Memorandum of Agreement (MoA) as co-management developer with the provincial government of Agusan del Norte under Gov. Erlpe John M. Amante in various agricultural lands in the municipalities of Las Nieves, Buenavista, Nasipit, and Carmen.

Under the MoA, the New Philcorn Corporation has targeted 8,000 hectares of land for yellow corn plantation – the first yellow corn plantation in Northeastern and Northern Mindanao regions.

The Korean company is also set to construct a yellow corn processing plant in the said areas.

In was learned that the effectivity of the MoA will be for a period of 25 years beginning this year, and could be extended for another 25 years upon the mutual agreement of both parties. The provincial board of Agusan del Norte unanimously approved the MoA. (Mike U. Crismundo)