THE Board of Investments (BoI) said it approved the application for tax incentives of a Davao-based coconut processor to support a P30-million facility.
In a statement issued Tuesday by the Department of Trade and Industry’s investment promotion arm, Canadian-Chinese company All Bright Resources International, Inc. proposed for incentives its facility manufacturing coco fiber and coco peat, a growing medium for plants made from coconut husk, in Davao del Sur.
According to the 2017 Investments Priorities Plan, agro-processing activities outside Metro Manila qualify for tax incentives.
The company expects to export 70% of its output to China, South Korea and Japan and will source raw material from Kidapawan, Cotabato and selected municipalities in Davao del Sur.
The plant started operations in September with 124 employees.
The Philippine Statistics Authority said in October that in the first eight months of the year, exports of “other” coconut products grew 4.4% year-on-year to $16.04 million.
Coconut oil exports grew 30.3% in the first eight months.
The United Coconut Association of the Philippines Inc. reported that total coconut production for 2016 was 2.05 million metric tons (MMT). Production for this year is expected to hit 2.24 MMT. — Anna Gabriela A. Mogato
