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On September 19, 2024, the Davao City Investment Incentive Board (DCIIB) convened for its third regular meeting to review the application of global food company Monde Nissin Corporation for local tax incentives.
The corporation has an existing manufacturing plant in Davao City and is investing PHP 2.365 billion to add a bakery and biscuits facility as an expansion. This project is expected to provide employment to more than 100 highly skilled workers, stimulate the movement of raw materials and finished goods in Mindanao and the Visayas, and export to Indonesian and other Southeast Asian markets. The Board approved the application after a thorough examination.
The DCIIB granted Monde Nissin tax incentives in the form of exemptions from paying business sales tax for three years, real property tax for two years, and Mayor’s permit fees for three years.