Japanese firm to invest P2.4B in PH egg venture.
ISE Foods Group of Japan, a leading egg producer in the world, has expressed interest to invest P2.4 billion in a brand new, state-of-the-art egg production facility in the Philippines in partnership with fast-food giant Jollibee Foods Corp. and fast-growing property developer DoubleDragon Properties Corp.
At the sidelines of President Duterte's visit to Japan, ISE Foods formally expressed on Wednesday its intention to expand in the Philippines and bring in its modern egg production technology, based on a briefer on the partnership obtained by the Inquirer.
The Japanese firm is initially looking at producing a million eggs a day in the Philippines, one of the fastest-growing economies in Asia. ISE Foods intends to employ 150 to 200 Filipino workers at the project estimated to cost $50 million.
The letter of intent also included a possible partnership with Jollibee to operate the egg production joint venture as well as with DoubleDragon to provide the land, put up the building facilities and lease these to the Philippine operating company.
Jollibee chair and founder Tony Tan Caktiong and DoubleDragon chair Edgar Sia II-both part of the Philippine business delegation to Tokyo-were present to sign the letter of intent with ISE Foods Group, which was represented by chair Hikonobu Ise.
The signing of the egg production deal was one of the business deals witnessed by President Duterte and Trade Secretarty Ramon Lopez in Tokyo.
Based on the briefer, ISE Foods Group Japan 'intends to contribute in the improvement of the nutrition of Philippines population.'
The Japanese firm also expressed its intention 'to contribute in the upliftment of the Philippine agriculture sector.'
Founded in 1912, ISE Foods Group is the number one egg producer in Japan and the third-largest egg producer in the world. Founded in Toyama Prefecture in Japan, the company expanded in the United States in 1980.
Using computer-controlled egg collection system, ISE produces about 12 million eggs a day in the United States and about 10 million eggs a day in Japan, bringing its total daily production to about 22 million eggs.
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|Publication:||Philippines Daily Inquirer (Makati City, Philippines)|
|Date:||Oct 27, 2016|
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