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% owned by Filipinos and the remaining 10% 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 qualifies it to a host of fiscal and nonfiscal incentives.
The BOI also approved the grant of nonpioneer incentives to the livestock feeds manufacturing project of Dan Way Processing Corp. in San Miguel, Bulacan worth P82.4 million (ap. € 1.17 million).
The new mill annually will churn out 30,000 tonnes of feed crumbles and pellets. . It is set to begin operations this month and will hire 71 persons.