Manila, July 11 -- Del Monte Philippines Inc. (DMPI) signed a memorandum of agreement (MOA) with the Phividec Industrial Authority on Friday to establish a large-scale temporary plantation of papaya and pineapple, with an initial investment of PHP22.8 million.

Phividec Administrator Cid Bernedo said in a statement that the MOA covers the use of 226.4 hectares within the Phividec Industrial Estate, which spans the municipalities of Tagoloan and Villanueva in Misamis Oriental.

"Phividec decided to grant these idle lands to Del Monte Philippines for agricultural development so the government can generate income from land that has long been unused," Bernedo said.

He noted that for a long time, the unused property had been subjected to info...