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San Miguel packaging unit“s project gets tax breaks

The Philippine government has granted income tax holidays and other incentives to the expansion project of food and beverage conglomerate San Miguel Corp.“s packaging unit in the southern Philippines…

The Philippine government has granted income tax holidays and other incentives to the expansion project of food and beverage conglomerate San Miguel Corp.“s packaging unit in the southern Philippines. Mindanao Corrugated Fibreboard Inc., a 60%-owned unit of San Miguel, plans to increase annual production capacity of corrugated carton boxes to 48,500 metric tons initially from the current 38,000 tons. The capacity will be raised to 62,000 tons by 2004. The bulk of the plant“s output will be sold primarily to fruit exporters, particularly Del Monte. The project will cost Pso 268.4 million, and will primarily be financed with loans. It is expected to generate 110 new jobs. Mindanao Corrugated expects to save around Pso 48.3 million in income tax payments over a three-year period after the expanded capacity is put in place. Commercial operation will start in August. San Miguel“s partners in Mindanao Corrugated are Japan“s Rengo Co. and local group Macondray & Co.

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