FIGARO Culinary Group, Inc. unit Figaro Innovation and Development, Inc. (FIDI) signed a supplemental agreement with the Philippine Economic Zone Authority (PEZA) reaffirming FIDI鈥檚 registration as an export enterprise at Laguna Technopark.
鈥淭his agreement supports Figaro Culinary Group鈥檚 broader vision of expanding its food platforms beyond retail, strengthening manufacturing, and positioning our brands for future growth,鈥 FIDI Chief Financial Officer Jose Petronio Espa帽ol said in a disclosure on Thursday.
The Supplemental Agreement extends FIDI鈥檚 current PEZA Certificate of Registration, which lists its toll manufacturing of coffee mixes and food products as export activities.
Figaro Group set up FIDI as its innovation and manufacturing unit to expand food production beyond its retail brands for domestic sales and future exports, using new food formats, better production efficiency, and quality standards that meet international needs.
At the Laguna Technopark Special Economic Zone, FIDI produces Anghel Kape and other Figaro Culinary Group foods.
Established in 2018 as a wholly-owned subsidiary of Carmetheus Holdings, Inc., FCG processes, manufactures, and packages food products while operating restaurants, coffee shops, and refreshment parlors through its subsidiary Figaro Coffee Systems, Inc. (FCSI).
FCSI manages and franchises chains like Figaro Coffee, Angel鈥檚 Pizza, Tien Ma鈥檚, and Koobideh Kebabs. To date, the group runs 228 stores across these brands.
On Thursday, FCG shares rose 1.79% to 57 centavos. 鈥 Alexandria Grace C. Magno
