The correct answer is option 'D', the Philippines. Spanish and Americans heavily invested in coconut and sugarcane plantations in the Philippines.

Reasons for Investment in the Philippines:
1. Spanish Colonial Influence: During the Spanish colonial period (1521-1898), the Philippines was under Spanish control. The Spanish introduced sugarcane and coconut plantations to the archipelago due to the favorable climate and fertile soil. These plantations were established primarily to meet the growing demand for sugar and coconut products in Spain and other European countries.

2. Abundance of Natural Resources: The Philippines has a tropical climate, which is ideal for cultivating crops like sugarcane and coconut. The country has vast stretches of fertile land suitable for plantation agriculture. The abundance of natural resources and favorable conditions made it an attractive investment opportunity for both Spanish and American investors.

3. Economic Opportunities: The cultivation of sugarcane and coconut offered significant economic opportunities for both Spanish and American investors. These crops were in high demand globally, and their cultivation provided a steady source of income and profits. The plantations created jobs for the local population and contributed to the overall economic growth of the region.

4. American Period: Following the Spanish-American War in 1898, the Philippines came under American control. American investors continued to invest heavily in coconut and sugarcane plantations, further expanding the industry. The Americans introduced modern farming techniques and technology, which helped increase productivity and improve the efficiency of plantation operations.

5. Export Market: The Philippines became a major exporter of coconut and sugar during this period. The plantations produced vast quantities of coconut oil, copra (dried coconut meat), and sugar, which were exported to various countries. These exports generated significant revenue for the investors and contributed to the economic development of the Philippines.

6. Impact on the Local Economy: The establishment of coconut and sugarcane plantations had a profound impact on the local economy. It led to the development of infrastructure, such as roads and railways, to transport the harvested crops. Additionally, the plantations required a large labor force, which provided employment opportunities for the local population.

In conclusion, Spanish and American investors heavily invested in coconut and sugarcane plantations in the Philippines due to the favorable climate, abundance of natural resources, economic opportunities, and the country's status as a major exporter. These investments played a significant role in the economic development of the Philippines during the Spanish and American colonial periods.