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Manila Bulletin devider Business devider The Stock Market devider Figaro to export coffee

Figaro to export coffee

Published Sep 14, 2023 06:13 am

Figaro Coffee Group Inc. (FCG) is now aiming to go global by exporting Philippine coffee products after a subsidiary received its certification from the Philippine Economic Zone Authority (PEZA).

In a disclosure to the Philippine Stock Exchange, the firm said Figaro Innovation and Development Inc. (FIDI), a wholly-owned subsidiary of FCG’s operating Figaro Coffee System Inc. (FCSI) has received Certification of Registration No. 2023-000126-PEZA-EX-C10-1 from PEZA.

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Figaro Innovation and Development, Inc. receives PEZA Certification for Coffee Processing
L to R: Ace Azarraga, Brand and Partnership Director; Ms. Divina Gracia Cabuloy, FCG President/CEO; Mr. Tereso O. Panga, PEZA Director General; Mr. Jose Petronio Espanol, FIDI President; and Atty. Jenny June G. Romero, PEZA OIC Deputy Director General.

This certification, issued in accordance with PEZA’s charter and Title XIII of the National Internal Revenue Code of 1997 (as amended by Republic Act no. 11534, known as the Corporate Recovery and Tax Incentives for Enterprises or CREATE act), officially recognizes FIDI’s registration with PEZA.

FIDI has been designated as an Ecozone Export Enterprise authorized to engage in the production of various roasted coffee blends, including House Reserve, Espresso Blend, and French Roast.

These operations will be based at the company’s facility located at 116 East Main Avenue Phase V, Laguna Technopark-Special Zone (LT-SEZ), Binan City, Laguna.

“The primary mission of FIDI is to drive innovation in the Food and Beverage (F&B) industry by developing pioneering products and processes,” FCG said.

It added that, “their aim is to enhance operational efficiency for their clients while also promoting Filipino brands, products, and raw materials on a global scale.”

As a PEZA-registered entity, FIDI is entitled to a range of incentives, including income tax holiday for five years, special corporate income tax for 10 years, duty exemption for 15 years, and VAT exemption and zero rating for 15 years.

With its PEZA registration and associated incentives, FCG said FIDI is poised to make significant contributions to the coffee industry and to the broader economic landscape in the Philippines.

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Philippine Economic Zone Authority Figaro Coffee Group Inc.
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