The Aurora Pacific Economic Zone and Freeport Authority's (APECO) fourth investor will allot around P1.2 billion by leasing 5,000 hectares of land for bamboo planting.

This was after APECO has entered into an agreement with the Kapwa Agroforestry Corporation (Kapwa) to develop a 5,000-hectare of land into a bamboo plantation together with the local community which shall showcase the Filipino world-class quality bamboo.

For this project, Kapwa estimates a budget of $4,800 per hectare with the target of 5 years for the bamboos to be ready for harvest.

The Kapwa Agroforestry Corporation intends to develop the leased land into a bamboo plantation tapping together the local community to showcase the Filipino world-class bamboos.

Bamboo is renowned for its versatility and sustainability.

It holds an immense potential as a key driver of economic development and environmental conservation and will soon emerge as the most sought construction material, replacing other variety of wood that will become scarce.

Pax Doromal, Kapwa's President and Chief Executive Officer said their partner, the Rizome Philippines is the leading manufacturer of eco-friendly bamboo building materials in the Philippines.

"Bamboo will soon be a replacement for wood, as a building material," Doromal told Daily Tribune, pointing that Rizome Philippines is already exporting their bamboo products from their manufacturing plant in Cagayan de Oro.

Doromal also hinted that talks with local airport and hotel makers are also in the offing, for them to supply bamboo construction materials.

“APECO, as an economic zone, is leading by example — to show the nation what is possible when we prioritize sustainability and cooperation over short-term gains. This collaboration exemplifies our dedication to fostering public-private partnerships that drive positive change for the Filipino people. Our true strength is built upon the involvement and passion of our community. As we continue our course onward and upward, we accept that true success can only be achieved when every member of our community is empowered to contribute and to thrive.” said APECO President and CEO Atty. Gil G. Taway IV, stressing the importance of community involvement in their plans towards sustainable development.

The partnership will create new opportunities for economic growth and job creation while contributing to the preservation of the region's natural resources and biodiversity.

By promoting the sustainable cultivation and utilization of bamboo, APECO and Kapwa aim to set a new standard for eco-friendly and socially responsible industry practices proving that growth does not have to come at the expense of the environment and community.

Moreover, APECO and Kapwa are committed to engaging local communities, fostering innovation, and promoting best practices in sustainable development throughout the partnership.

To date, Doromal said Kapwa is also at the stage of validating the APECO's data on its existing bamboo and a feasibility study is also undertaken in terms of economic and manpower value.

Doromal mentioned that Kapwa is validating APECO's bamboo data and conducting a feasibility study on economic and manpower value.

The Memorandum of Agreement (MOA) will follow once the due diligence and the feasibility study are completed.

The local communities including tribes of Indigenous People in Aurora will be hired as planters and maintainers of their bamboo plants.

Kapwa, according to Doromal, would need $4,800 per hectares to maintain the five year stage of 'giant bamboo' variety that they intend to produce from APECO's 5,000 hectares.

The funding for this project, he said will come from 'carbon financing' from international lending firms.

APECO, meanwhile is a government-owned and controlled corporation (GOCC) located in Casiguran, Aurora and was established through Republic Act 9490, as amended by Republic Act 10083.

Under the new management, APECO is planned to be developing as a decentralized, self-reliant and self-sustaining industrial, commercial/trading, agro-industrial, tourist, banking, financial and investment center with suitable residential areas.

In its charter, APECO is mandated to attract investments, to generate jobs, and to improve the social and economic conditions of the local community.