The Board of Investments approved a P250-million project of a wholly-owned subsidiary of Century Pacific Food Inc. in General Santos City, providing it with fiscal and nonfiscal perks under the Investment Priorities Plan (IPP).
In a statement on Friday, the BOI said that it had approved the application of Century Pacific Agricultural Ventures Inc. (CPAVI) as a new export producer of coconut milk.
The IPP aims to attract investments in certain preferred business activities by enticing them with fiscal and nonfiscal perks. The initiative is part of the government’s drive for inclusive growth.
The project will involve the setting-up of a separate production line in the firm’s facility in Barangay Tambler, Calumpang, Purok Lansong in General Santos City.
Starting January, it would be producing 15.3 million kilograms of coconut milk yearly to be exported to Malaysia through Linaco Manufacturing Sdn. Bhd., a supplier of coconut related products.
CPAVI is a wholly-owned affiliate of the Po family owned Century Pacific Food Inc., one of the country’s largest food conglomerates.—ROY C. CANIVEL