Figaro Coffee Group Inc. said Monday that one of its indirect units has been accredited by the Department of Trade and Industry as a coffee exporter, a certification it needed to gain access to global export market for coffee whose size in 2022 was estimated at $46 billion.
DTI granted the accreditation to Figaro Innovation and Development Inc., a wholly-owned subsidiary of Figaro Coffee System Inc., a unit of the listed food and beverage company. The DTI accreditation was a requirement of its designation by the Philippine Economic Zone Authority as an export enterprises.
The designation of Figaro Innovation as an Ecozone Export Enterprise authorized to engage in the production of various roasted coffee blends, including House Reserve, Espresso Blend, and French Roast grants it a five-year holiday on income tax, plus a 10-year special 5 percent corporate income tax after the tax holiday expires.
Figaro Innovation operations will be based at the Laguna Technopark-Special Zone in Binan City, Laguna.
