PHL gives cold storage project P259-M tax break
Weal Builders is putting up a cold storage facility for onions and other farm produce, which is expected to start commercial operations in March 2013.
"The project will stimulate economic activities in the countryside and support local farmers, cooperatives, buyers, exporters, and importers of fruits and vegetables," the Board of Investments said Friday.
The 12,568-square meter facility has a storing capacity of 320,000 sacks of onions and other farm produce.
Industry group Cold Chain Association of the Philippines said the country needs 10 to 15 additional cold storage facilities to meet food safety standards and make Philippine fruits and vegetable exports more competitive.
It said plans are underway to build facilities in production areas like Davao, Cagayan de Oro, General Santos, as well as Northern and Central Luzon, and Central Visayas.
Agribusiness – which include commercial production and processing of agriculture and fishery products, and farm-related activities like irrigation, post-harvest, cold storage, blast freezing, and fertilizer production and marketing – is among the preferred activities eligible