2 Korean firms get BOI perks

MANILA, Philippines - Two Korean-owned coconut product exporters have secured tax perks from the Board of Investments (BOI).

According to the BOI, it approved the registration of Coco Davao Inc. and Cocoplus Inc.’s projects with investments worth a total of P130.8 million.

Coco Davao’s P125-million project involves the production of coconut water for export to the United States.

Coco Davao’s project, located in Sta. Cruz in Davao del Sur would have an annual capacity of 2.16 million liters.

Cocoplus’ P5.8 million project, meanwhile, involves the production of coconut fiber and coconut peat.

The facility, located in Digos City in Davao del Sur, would have a capacity of 1,757 tons of coco fiber and 2,635 tons of coco peat per year.

Cocoplus’ output would be exported to China and South Korea.

“Both Coco Davao and Cocoplus Inc. projects are expected to provide a total of 215 jobs when fully operational,” the BOI said.

By being registered with the BOI, the companies would be entitled to income tax holidays and other incentives.

Firms which engage in activities listed in the Investment Priorities Plan (IPP) prepared by the BOI each year could qualify for incentives from the government.

The 2013 IPP has identified agribusiness as a preferred activity and likewise covers export activities.

The IPP lists activities being promoted by the government.