Figaro Coffee Group Inc. said Friday that Figaro Innovation and Development Inc., a wholly-owned unit of its operating subsidiary Figaro Coffee Systems Inc., has been registered by the Philippine Economic Zone Authority as an ecozone export enterprise.
Figaro said as ecozone export enterprise, FIDI produces for export roasted coffee such as House Reserve, Espresso Blend, and French Roast at its facility in Binan City in Laguna.
As an ecozone export enterprise, FIDI will be entitled to a five-year income tax holiday after which it is entitled to a five percent special corporate income tax for 10 years subject to terms and conditions set by PEZA.
Figaro said FIDI will start commercial operations in September, assuming it secures all needed permits, including environment clearances.
“The primary goal of FIDI is to develop and innovate trailblazing products and processes that will level up the F&B industry, to provide products and services that will make their operations more efficient and to promote Filipino brands, products and raw materials globally,” Figaro said in a disclosure to the Philippine Stock Exchange.
Investments and other financial details weren’t disclosed.
