Two Philippines-based firms have signed separate deals with two South Korean companies for biofuel production ventures worth $600 million (€422 million) in total.

The two companies, with the help of their foreign partners, will develop lands for bioethanol and biodiesel feedstock production in various parts of the country.

Bioethanol producer Enviro Plasma and Central Luzon Bioenergy will construct up a 500,000-litre a day bioethanol plant worth $300 million in Clark, Pampanga, sourcing the sugarcane feedstock from 46,000 hectares of plantation in Tarlac and Pampanga.

Enviro Plasma has also made a pledge to build a $175 million distillery and power plant, also in the central Luzon area.

South Korean biodiesel producer Eco Solutions and partner Eco Global Bio-Oils will invest $175 million to put up a biodiesel plant capable of producing 100,000 litres of biodiesel per day in General Santos City in South Cotabato.

The feedstock will be sourced from their 100,000 hectares of jatropha plantation in General Santos City.