Brunei bizmen invest in multi-million crab proj

By Myds Supnad

VIGAN CITY - A group of Brunei businessmen with foreign partners, started to establish in the country a crab farming chain, a big investment that requires millions of dollars and generates thousands of employment.  

Top executives of the Shaika GC Aquaculture, Inc., discussed with Ilocos Sur Gov. Luis “Chavit” Singson last week their intention to put up their first crab farming chain in Ilocos which they noted to be feasible for such kind of business.

               

Shaika executives said mangrove crab, a soft shell crab that is known to have a high commercial value in domestic and international markets, can be easily cultured in the country with the Philippines’ friendly weather and water condition.

               

The Brunei businessmen told Singson big demand for  soft shell crab in Japan, Taiwan, Hong Kong, Singapore and China prompted them to expand their aqua culture investment in the Philippines, saying big volume of demand prompted a rapid price increase of its prices.

               

Shaika offered to Singson the possibility of a joint business venture with the provincial government not only to ensure the success of the business but also make the provincial government generate employment to thousands of fishermen.

               

The Brunei traders said big opportunity is in the country with its wide areas of coastal waters, optimistic that the survival rate of the proposed aquaculture business is around 90 percent.

               

The aquaculture project is an indoor fond where the operator can put up hundreds of small hatchery inside a constructed building that is free from ted tide toxin. Culture period of a soft shell crab is just only 30 days, predicting that the operator can easily earn a profit margin of 45 percent.

               

The Brunei traders told Singson said that the operation cost reaches to around only P150 per kilo (of crab) and that the average income from it after 30 days of culture is approximately between P250 to P400 per kilo, giving the operator a profit margin of around 45 percent, the lowest net income from it.

               

The group said, however, that the success of the business depends on the style of feeding (of the crab), saying the ammonia level of the fond should be always monitored as it is important while the crab is being cultured.