MANILA, Philippines - The Board of Investments (BOI) has approved the registration of a P523 million food processing facility of a unit of tuna products manufacturer Century Canning Corp., making the project qualified for incentives.
“A P523 million food processing project of Century Agriculture Corp. was approved by the BOI recently,” the BOI said in a statement.
The BOI said Century Agriculture’s food processing plant will produce and export coconut products starting September next year.
The project is expected to generate 294 jobs.
With the application for registration approved by the BOI, the project can qualify for incentives from the government such as income tax holidays.
Century Agriculture is a new exporter of coconut beverage and coconut shells.
The firm was formed as a corporation and registered with the Securities and Exchange Commission last August.
The firm is engaged in the manufacture, preservation, production, distribution, export and import of all kinds of food and beverage products derived from fruits, vegetables, and other agricultural products. It intends to sell its products in the local market, the United States as well as Europe.
Its parent firm Century Canning is engaged in the manufacture and marketing of marine and tuna products and carries brands such as Century Tuna, 555 Tuna, Blue Bay Tuna, and Fresca Tuna.
Earlier, the BOI approved the registration of a P120 million tuna facility in General Santos of General Tuna Corp., another unit of Century Canning.
General Tuna’s facility has an annual capacity of 374,727 cases or 7,495 metric tons and is expected to create 350 jobs.