Philippines: Del Monte subsidiary applies for government incentives for banana plantation
Delinanas is registering with the BoI on non-pioneer status its banana plantation in Lambayong town, Sultan Kudarat that can produce 2,759,833 boxes or 37.257 metric tonnes of Cavendish bananas every year.
If the firm’s application will be approved, it will enjoy a four-year income tax holiday; duty-free importation of capital equipment to be used in the project covered; permit to employ foreign nationals in supervisory, technical or advisory positions for five years from date of registration; and simplification of customs procedures for importation of equipment and raw materials.
Pioneer status, on the other hand, grants a longer tax break of six years. BoI is the agency that approves registration of projects that qualify for such incentives.
In August, Jun M. Macalawan, a member of the Autonomous Region in Muslim Mindanao Regional Board of Investment, said Delinanas spent P569 million to develop a 550-hectare banana plantation in Maguindanao that is expected to produce more than two million boxes of Cavendish bananas annually. The plantation is also projected to employ close to 1,000 local residents. Mr. Macalawan had said the plantation had its first harvest of 1,500 boxes in June from an initial area of 150 hectares. The harvested Cavendish bananas were exported to Japan and Korea, he had said then.
Source: bworldonline.com
