The Philippine Board of Investments (BoI) has granted an eight-year tax exemption to hybrid rice grower, SL Agritech Corp, it has been revealed.
The substantial tax holiday has been allocated after the BoI awarded 'pioneer status' to the company's Daveo Oriental project, which, in April of this year, aims to begin cultivating around 3.2 million kilograms of hybrid rice annually.
The pioneer status will allow the company to claim exemption from income tax for up to eight years, as well as gaining immunity from taxes levied on raw material and equipment imports.
It is thought that the project will provide around 2,800 of the country's farm workers and 374 farm technicians with employment.
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