May 10, 2011, 7:27pm
MANILA, Philippines — Wholly-owned Filipino firm Franklin Baker Company of the Philippines (FBCP) has asked for tax incentives for its project as new export producer of cocowater concentrate. Based on its application with the Board of Investments (BoI), FBCP has proposed to put up a processing plant in San Pablo City in Laguna worth P88.682 million to produce 1,290 metric tons annually of cocowater concentrate of which 85 percent would be exported to the US and Brazil. The project will qualify for BoI incentives on a non-pioneer status under the sub-heading of the 2010 Investment Priorities Plan on Export Activities – Production and Manufacture of Export Products.
The cocowater concentrate with sweetness of 600Brix is considered as a ‘non-traditional export product’ pursuant to Part I, Rule I, Section 1(x) of the Implementing Rules and Regulations (IRR) of EO 226. At present, the firm is producing desiccated coconut and other high-value coconut products. The company has proposed to use raw coconut water (with sweetness of 40Brix) as starting/basic raw material. This proposed project intends to make use of 19.5 million kilogramd or 16.466 million liters of raw coconut water per year, which is just wasted in the firm’s existing desiccated coconut plant in San Pablo City. Since the source of raw material is its existing desiccated coconut plant in Laguna, this new plant will also be located adjacent to firm’s existing desiccated coconut plant in San Pablo City.
However, the two projects will operate independent of each other. There would be no sharing of facilities. The project is expected to employ 62 people. Already, the firm has requested for advanced authority to import capital equipment. In its letter dated May 2, 2011, the firm requested BoI to issue advanced authority to import capital equipment saying they need to place the order as soon as possible to be able to meet the project’s timetable. (BCM)
Source: manila bulletin
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