BALINGASAG, in the eastern part of Misamis Oriental, will have an improved economy soon as the First Community Cooperative (Ficco) is set to establish a coconut processing plant to be located at Barangay San Isidro here amounting to P250 million.
Town mayor Alexis Quina has confirmed the development of the said processing plant.
He said this is a big help to improve the town’s revenue collection in the coming year.
Balingasag is one of the local governments that got its National Tax Allotment slashed due to the Covid-19 pandemic, Quina said.
“The multi-million processing plant will be (of) great help in improving the income of this town,” Quina said.
It also helps to decrease the unemployment problem of the town he added.
Provincial Board Member Erick Khu, chair of the Committee on Agriculture, said Ficco has approved P120 million intended for the building and equipment for the processing plant.
“About P90 million will be budgeted for the plant’s capitalization,” Khu said.
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