While the previous administration’s attempt to aggressively promote Chinese investments met stiff opposition, Senator Pangilinan said there must be a way to develop eight million hectares of the Philippines' idle forest lands.
Part of the produce would go to local markets of producing countries, which have to provide necessary protection to Saudi investors through long-term agreements. A first such agreement was signed with the Philippines in February 2010.
The Philippine government has identified 10,000 ha for the Bahrain banana project in Davao del Norte. It also awaits follow-up visits from Saudi Arabia to finalize a $238.6m deal the kingdom committed to invest in fruit, aquaculture and halal food production.