Philippine food and drink group San Miguel Corp. said its unit failed to secure fiscal incentives from the government for its recycling project.
"The Board of Investments informed us that it denied official acceptance of the application for registration of the polythylene terephthalate recycling project of Beverage Packaging Specialist Inc., a subsidiary of San Miguel Corp.," said the company in a disclosure to the stock exchange.
San Miguel said it will appeal the decision of the government's Board of Investments.
San Miguel sought incentives for its $120 million recycling plant. By securing a pioneer status, the recycling project could have received a six-year income tax holiday, exemption from wharfage fees, duty free importation of spare parts, and other fiscal incentives.
San Miguel's recycling project will produce environment-friendly packaging materials for the local food and beverage industries. Dow JonesLatest from Recycling Today
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