2 firms eye big ticket projects-A A +A
Thursday, September 4, 2014
TWO food companies will soon embark on big ticket investments in Davao City, an official said.
Davao City Investment Promotions Center (DCIPC) officer-in-charge Ivan C. Cortez, in an interview with Sun.Star Davao, said both companies are local investors, the first one is a bread company and the other is a coco milk production company.
He said the bread company will be investing P60 million for the establishment of a production plant that will produce various pastry products, which also include Japanese pastries, and will be distributed commercially throughout Mindanao.
They will be utilizing Japanese technology for the production of their goods.
Cortez said the company plans to establish their plant in the northern part of the city within the year.
However, he said that the company will not be able to apply for the fiscal incentives since the business is a non-investment priority area based on the Investment Code. However, DCIPC can only give them non-fiscal incentives.
The other investor will be investing P50 million for the establishment of an export quality coco milk production plant. He said the company will be locating their business in Calinan.
Also, the company is qualified to apply for fiscal incentives since it's agribusiness. Fiscal incentives include a two-year real property tax and three-year business sales tax holidays.
Published in the Sun.Star Davao newspaper on September 05, 2014.