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BOI approves Coca-Cola’s PET recycling facility project
Louella Desiderio (The Philippine Star) – December 25, 2020 – 12:00 am
MANILA, Philippines – The Board of Investment (BOI) approved the P2.3 billion PETValue recycling facility project from Coca-Cola Beverages Philippines Inc. (CCBPI) and Indorama Ventures Packaging Corp. in Cavite.
Lanie Dormiendo, officer in charge and director of the International Investment Promotion Service at the BOI, said the project involves the manufacturer of recycled PET (polyethylene terephthalate) resin.
“This was approved as a pioneering project as the company would use a state-of-the-art, proprietary recycling process that would transform used PET bottles back into recycled food-grade PET resin,” he said.
The undersecretary of Commerce, Ceferino Rodolfo, said that the cost of the PETValue project is P2.300 million. The project was approved for approval by the Department of Science and Technology.
Under the CCBPI and Indorama Ventures plan, PETValue would be located at the Gateway Business Park at Gen. Trias in Cavite.
The facility will make use of cutting edge technologies and best practices for the safest and most advanced recycling process for plastic bottles of PET materials.
Through PETValue, PET plastic bottles would be used over and over again after being collected and processed within the circular economy.
CCBPI said the facility is expected to be operational by the fourth quarter of next year.
Projects approved by the BOI can enjoy incentives that include tax holidays.
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