Philippines: Anflo receives tax breaks for banana investment
It is set to enjoy an indefinite income tax break as well as tariff free importation on equipment.
Through a contract with a multinational exporter, Anflo’s bananas will be marketed under a different brand name in foreign markets such as Japan and the Middle East.
“We see opportunities to supply to our key export markets like Japan because of the project...This also has significant multiplier effect in terms of jobs to our farmers and their families,” Adrian S. Cristobal, Trade under-secretary and BoI managing head, said.
Once they get going there are expectations that Anflo will provide 306 jobs for the area.
“Agriculture-related investments will help diversify our export offerings consistent with the Philippine Export Development Plan (PEDP). These investments strategically help boost our revenues and create jobs in the countryside,” Trade Secretary Gregory L. Domingo.
