Philippines company Century Pacific Food has confirmed it is to spend PHP250m (US$4.87m) on a new coconut milk production facility.
Responding to a story in the Philippine Daily Inquirer, the Pasig City-based food conglomerate confirmed it will be setting up a separate production unit at its facility in General Santos City in the south of the country.
But it said the PHP250m figure only covers building costs and does not include other capital expenditure needed to run the facility.
The goal is to produce 15.3m kilograms of coconut milk a year at the plant which will be exported to Malaysia through Linaco Manufacturing, a supplier of coconut-related products.
The project, which is currently underway, is expected to be fully operational by early next year.
It has been approved by the country’s Board of Investments and will be able to access fiscal and non-fiscal incentives under the country’s Investment Priorities Plan, which is intended to boost certain key economic activities.
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The application was made under the name of Century Pacific subsidiary Century Pacific Agricultural Ventures.