Jerry Liu, the visionary behind Figaro Group, has received the green light from the Philippine Economic Zone Authority (PEZA) for the registration of a wholly-owned subsidiary dedicated to the production of roasted coffee.
Figaro Coffee Group, in a regulatory filing, announced that the proposed venture of Figaro Innovation and Development Inc. (FIDI) would enjoy attractive incentives provided under the Corporate Recovery and Tax Incentives For Enterprises (CREATE) Act, also known as RA 11534.
Upon signing the Registration Agreement with PEZA, FIDI will be entitled to a five-year income tax holiday, followed by a 5% special corporate income tax for the subsequent ten years. However, these incentives are contingent upon meeting various conditions, including the commencement of commercial operations by September 2023.
FIDI must also fulfill pre-registration requirements such as securing an approved reservation form with the facility lessor at the Laguna Technopark-Special Economic Zone (LT-SEZ) and obtaining clearance from the PEZA-Environmental Safety Group, among others.
The company’s focus will be on the production of House Reserve, Espresso Blend, and French Roast, positioning itself at the forefront of the coffee industry.
By developing innovative products and processes, FIDI aims to elevate the standards of the food and beverage sector, enhance operational efficiency, and foster the global promotion of Filipino brands, products, and raw materials.
With their sights set on revolutionizing the coffee industry, FIDI hopes to create a lasting impact by delivering exceptional products and driving the growth of Filipino excellence on the global stage.
