A SUBSIDIARY of listed food and beverage company Figaro Coffee Group, Inc. (FCG) has secured the government’s approval to become a coffee exporter.
In a stock exchange disclosure on Monday, FCG said Figaro Innovation and Development, Inc. (FIDI) received its certification as a duly accredited coffee exporter from the Department of Trade and Industry (DTI) on Sept. 8.
FIDI is a wholly owned subsidiary of Figaro Coffee System, Inc., which is the operating unit of FCG.
The listed company said that FIDI has been designated as an economic zone export enterprise authorized to engage in the production of different roasted coffee blends such as house reserve, espresso blend, and French roast.
FIDI’s operations will be based at its facility in Laguna Technopark Special Economic Zone in Biñan City, Laguna.
“[The] application for the coffee exporter accreditation was processed as compliance to the requirements by the Philippine Economic Zone Authority (PEZA),” FCG said.
“This certification [is] in accordance with Chapter IX Item 1 of Article 31 of the 2022 International Coffee Agreement (ICA), and Department Circular No. 1 Series 1989, known as Guidelines for Accreditation and Supervision of Coffee Exporters by the International Coffee Organization Certifying Agency/Export Marketing Bureau,” it added.
FCG has various food and beverage brands such as Angel’s Pizza, Figaro Coffee, Tien Ma’s, The Figaro Group Online, and Cafe Portofino.
The PEZA is an investment promotion agency under the DTI. From January to Sept. 7, it generated P111.21 billion worth of investments, up from P39.63 billion a year ago.
On Monday, shares of FCG at the local bourse rose two centavos or 3.13% to close at 66 centavos apiece. — Revin Mikhael D. Ochave