THE University of Science and Technology of Southern Philippines is set to establish a coconut processing plant to better study and harness its potential.

USTP said that a project dubbed “Establishment of an Integrated Coconut Processing Plant,” is set to promote economic growth and sustainability in the region.

Both parties will share their “respective expertise and resources to successfully implement the project and harness the coconut industry’s potential,” USTP said.

USTP will partner with the First Community Cooperative of the Northern Mindanao Food Innovation Center for the project.

A memorandum of Agreement was signed between the two parties at the USTP Boardroom on Tuesday.

According to the Department of Science and Technology, the coconut industry in the Philippines provides livelihood to more than 3.5 million farmers in 69 provinces in the country.

Coconut farming covers a total of 3.62 million hectares and produces around 14.5 million metric tons of volume.