THE Board of Investments (BoI) said it approved a P1.21-billion biscuit project of listed Monde Nissin Corp., with the planted expected to incorporate high levels of automation.
“The project involves the manufacturing of butter coconut biscuits intended for distribution to the Visayas and Mindanao initially,” the BoI said in a statement.
The project, to be built in Davao City, also has the potential to expand in Indonesia and elsewhere in Southeast Asia.
Monde currently makes butter coconut biscuits in Sta. Rosa, Laguna, serving the Luzon market.
“Previously, packaging was done manually. For this project, the firm will employ advanced automation technology for the packaging and movement of finished goods, which will require highly skilled workers who will be hired locally,” the BoI said.
“Through this project, the movement of raw materials and finished goods is expected to be stimulated in the southern regions,” it added.
According to the BoI, 46% of the project cost will go towards site preparation and development, while 48% will be spent on machinery and equipment.
The remaining 6% will serve as working capital.
The project is expected to generate 111 regular jobs and to start commercial operations within the month.
The company has yet to submit pre-registration requirements and has not yet been issued an actual certificate of registration, according to the BoI.
The BoI approved 30 investment pledges worth P202.97 billion in July, which brought the total for the first seven months to P1.15 trillion.
The value of approvals in the first seven months rose 65% from a year earlier.
“The BoI surpassed the trillion-peso mark with projects in renewable energy and agribusiness, supported by investments from a US equity fund and a major food conglomerate, among others,” the investment promotion agency has said.
For 2024, the BoI is targeting approvals of P1.6 trillion. If realized, the approval total would represent a 27% rise year on year.
On Tuesday, Monde Nissin shares rose 11 centavos or 1.19% to P9.32. — Justine Irish D. Tabile
