San Miguel Foods’ P650-M animal feeds project leads new BOI approvals

The Board of Investments (BOI) has granted incentives to the P650-million factory project of San Miguel Foods Inc. (SMFI) as a new producer of animal feeds.

The BOI approved SMFI’s project, along with nine other projects, in the latest batch of applications during the first two weeks of July.

SMFI, in its application, is targeting an annual capacity of 6.22 million 50-kilogram bags or 311,000 metric tons from its new production plant to be located at the government owned Bataan Export Processing Zone.

SMFI’s new six-hectare Bataan plant is expected to go into commercial operation by Jan. 2007.

Half of SMFI’s production is intended for domestic sale, while the other half is for the San Miguel Group’s own feed requirements.

The second biggest project approved by the BOI over the last two weeks is the P105 million investment of Biotech Farms Inc. as a new producer of dressed hogs for domestic consumption.

Biotech Farms’ plant is in Gen. Santos City. Its production of dressed hogs will be sold to its sister firm, KCC Department Stores.

Also approved by the BOI was the P60.5 million low-cost housing project of LLSP Development Corp. in Imus, Cavite and another P40.7-million low-cost housing project by Firm Builder Realty Development Corp. in Iloilo.

The rest of the projects approved by the BOI are the following:

The P12.136-million vegetable processing project of Stargate Enterprise Corp.; the P10-million exploratory copper and gold mining project of Montague Resources Phils., Corp. in Pangasinan; the P10-million expansion project of Seaoil, Inc. for its existing oil depot in Mandaluyong; the P7-million software development project of Hyper Applications on Mobile Inc.; the P2.09-million expansion project of garments producer HN Apparel Manufacturing Corp.; and the P1.19-million garments manufacturing project of Royal Touch Corp.