Tuna exporter’s P120M expansion OK’d
The export arm of tuna canning giant Century Pacific Group is all set for a P120-million expansion, following the approval of its registration with the Board of Investments (BoI).
In a statement, the BoI said it had approved the P120-million expansion project of General Tuna Corp. (GTC), an export producer of frozen tuna loins. This entitles the company to various incentives.
The project is seen to help boost the country’s tuna exports. It will start commercial operations in February 2013 and is expected to generate 350 jobs.
GTC at present has a capacity of 374,727 cases or 7,495 metric tons (MT) a year. It exports to Thailand, Japan and the Middle East.
The company is engaged in the manufacturing and exporting of canned, pouched and frozen tuna products. It serves as the export arm of food and canning giant Century Pacific Group.
The company moved to General Santos, the country’s tuna capital, because of its proximity to other tuna fishing grounds in the Pacific Ocean.
The GTC tuna project involves the construction of additional loading and stock rooms, and the acquisition of equipment, including blast freezer and hot water sprayer.
The Philippine tuna industry contributes 4 percent to the country’s gross national product. Industry data showed that the Philippines ranked seventh among the world’s major tuna-producing countries.
Philippine exports of frozen and canned tuna reached $284.254 million in 2011, the BoI said in a statement.
Export manufacturing is one of the preferred investment areas of the government and is included in the BoI’s Investments Priorities Plan 2012.
Aside from marine products, other export products covered by the IPP included electronics, garments and textiles, footwear and leather goods, furniture, jewelry, and mineral products.
