Filipino-American firm to invest in toll manufacturing plant for aquafeeds

A Filipino-American firm is investing PHP70.39 million (US$1.45 million) for building and running a toll manufacturing plant for aquafeeds for Philippine integrator San Miguel Foods.

557 Feather Meal Corp. will produce aquatic feeds out of slaughterhouse waste and byproducts such as feathers, carcass trimmings, condemned carcasses and internal organs of animals.

The raw materials will be supplied by San Miguel Foods, which will also be the sole buyer of the feed products.

The company, which is 90 percent owned by Filipinos and the remaining 10 percent belonging to an American businessman, will source the investment from a combination of equity and financing.

The project was approved by the Board of Investments (BOI), which also approved the grant of non-pioneer incentives to the livestock feeds manufacturing project of Dan Way Processing Corp. in San Miguel, Bulacan worth PHP82.4 million (US$1.7 million).

The new mill annually will produce 30,000 tonnes of feed crumbles and pellets. It is set to begin operations this month.