BOI OKs Monde Nissin’s Davao plant expansion
The Board of Investments (BOI) on Tuesday said it has approved the P1.2-billion Davao plant expansion of listed food conglomerate Monde Nissin Corp., taking the firm a step closer to becoming eligible for government incentives for the facility.
“The board already approved the project but the firm is yet to submit pre-registration requirements,” said Evariste Cagatan, the executive director of the BOI’s Investment Promotion Services.
“They have not been issued the actual certificate of registration, so they are not yet registered,” Cagatan told reporters.
Records from the BOI show that the application from Monde Nissin — for the expansion project related to the manufacturing and processing of biscuits — was approved last July 25.
The schedule for the start of commercial operations was listed as August 2024 for the facility located at Barangay Ilang, Bunawan, Davao City.
According to the BOI, the project involves the manufacturing of butter coconut biscuits “intended for distribution to Visayas and Mindanao initially, with potential to expand in Indonesia and other neighboring Southeast Asian countries in the future.”
The BOI, the Department of Trade and Industry’s (DTI) lead investment promotions agency said that the firm also has an existing butter coconut biscuits manufacturing plant in Sta. Rosa, Laguna for the Luzon market.
“Except for the manual preparation of raw materials, the whole butter coconut biscuits production and packaging of finished goods is fully mechanized using up-to-date and market appropriate technologies,” said the BOI.
Investments registered under the BOI enjoy a wide range of incentives, including income tax holidays, a preferential tax rate on gross income, zero value-added taxes (VAT) rating, as well as tax- and duty-free importation of capital equipment, raw materials and supplies.
The BOI approved P202.97 billion worth of investments in July, more than double the value of the projects that it greenlit in the same month a year ago.
For the whole of 2024, the agency is targeting to reach at least P1.1 trillion worth of investments registered this year, most of which are expected to be from the renewable energy sector.
The BOI approved the registration of investments worth P1.26 trillion in 2023, P729 billion in 2022, P655 billion in 2021, P1.02 trillion in 2020, and P1.14 trillion in 2019.
