The Board of Investments (BOI) has granted perks to two agribusiness projects worth P2.4 billion aimed at boosting the country’s poultry production.
The P2.32-billion integrated production project of Thai-owned Charoen Pokphand Foods Corp. and the P127.1-million project of Filipino company United BLC were deemed eligible for incentives such as tax breaks, BOI said.
Investment rules also exempt agricultural producers from paying taxes and duties on imported breeding stocks and genetic materials within 10 years from commercial operation.
Charoen Pokphand, a subsidiary of Thai agro-industrial and food giant CPF, applied last month for BOI registration with pioneer status, which comes with a six-year income tax holiday.
The project will include parent stock farms in Tarlac and Pangasinan as well as six broiler farms in Bulacan and Nueva Ecija. The farms are expected to produce up to 21,847 metric tons annually and will begin operations in February 2013.
The project is the third big-ticket project of the Thai-owned company following previous investments in aqua feeds and breeder/slaughter hogs.
United BLC, on the other hand, plans to purchase 15 modern hatchery equipment to help increase its existing plant’s production efficiency by 25 percent.
The United BLC 10,000 square meter hatchery project will be located in Indang, Cavite and will be leased exclusively by Tyson Agro-Ventures Inc., one of the country’s leading broiler chicken producers. The plant will have an annual capacity of 26.95 million chicken stock. Commercial production will begin in January 2013.