LISTED Figaro Coffee Group, Inc. (FCG) said its unit has secured the green light from the Philippine Economic Zone Authority (PEZA) for a planned pizza manufacturing project in Laguna.
During a board meeting on Sept. 23, PEZA approved the application of Figaro Innovation and Development, Inc. (FIDI), a subsidiary of Figaro Coffee Systems, Inc. (FCSI), for the registration of a project to produce pizza products and frozen pizza, FCG said in a regulatory filing on Thursday.
The pizza manufacturing project will be situated at Laguna Technopark Special Economic Zone, Mamplasan, Biñan City, Laguna. FCSI is the operating unit of FCG.
With PEZA’s approval, FIDI’s pizza production project will be eligible for a five-year income tax holiday and a ten-year special corporate income tax of 5% under Republic Act No. 11534, or the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law.
The incentives are subject to FIDI’s signing of a supplemental agreement with PEZA, under standard registration terms and conditions, and to the prescribed preregistration and registration requirements.
In September last year, FIDI received certification from the Trade department as a duly accredited coffee exporter.
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.
FCG has various brands such as Angel’s Pizza, Figaro Coffee, Tien Ma’s, Café Portofino, and one Koobideh Kebabs.
As of October, FCG has 65 Figaro Coffee branches, 127 Angel’s Pizza branches, nine Tien Ma’s branches, four Café Portofino branches, and one Koobideh Kebabs branch.
On Thursday, FCG shares dropped 1.23% or one centavo to 80 centavos per share. — Revin Mikhael D. Ochave
