Perks OKd for P313-M agri venture
The Board of Investments has approved the granting of incentives to the P313-million project of Maharlika Agro-Marine Ventures Corp., a new export producer of dressed ducks and by-products.
In a statement, the BOI said Maharlika Agro-Marine had put up dressed duck facilities in Davao and Bukidnon, which were scheduled to begin commercial operations next month.
The project, which is expected to generate 207 new jobs, will involve the production and processing of 2,758 metric tons of dressed ducks yearly.
According to the BOI, Maharlika Agro-Marine plans to export about 75 percent of production to China and Hong Kong, while the remaining 25 percent may be distributed to the local market as a “healthy and affordable protein-rich food.”
Maharlika Agro-Marine is also expected to raise ducks to ensure steady supply.
The hatchery will be located in Sta. Cruz, Davao del Sur while a broiler farm will be established in Mandug, Davao City. The dressing facilities will be in Impasug-ong, Bukidnon.
The BOI said export production was included in the Investment Priorities Plan (IPP), the list of government-preferred investment activities. Projects in the list are entitled to various fiscal and non-fiscal incentives.
The priority sectors listed include the manufacture of export products, services exports and activities in support of exporters.
According to the agency, the IPP is crafted yearly to identify priority sectors that will increase investment inflows to the country and create more jobs.
Export projects, such as that of Maharlika Agro-Marine, are expected to help boost the capacity of homegrown products and increase their share in the global trade market.
Citing figures from the National Statistics Office, the BOI noted that the country posted total export receipts of $51.99 billion in 2012, up by 7.5 percent from $48.30 billion in 2011.
