PETValue Philippines has been awarded pioneer incentives by the Board of Investments (BOI) for aP2.28-billion project, the country’s first bottle-to-bottle, food-grade recycling facility.
The multi-phased project is a partnership between Coca-Cola Beverages Philippines Inc. (CCBPI)– the bottling arm of Coca-Cola in the country, and Thailand-based Indorama Ventures, a global leader in packaging solutions and green technology.
PETValue will establish the most advanced and world-class technologies in the Philippines to produce more sustainable packaging innovations and to help improve the collection and recycling rates of polyethylene terephthalate (PET) plastic bottles.
The BOI grants pioneer status to projects involving manufacturing or processing activities that have not been used in the country on a commercial scale or uses a system of transforming raw materials using new technologies, among other qualifications. The company will be entitled to fiscal and non- fiscal incentives.
Construction of the PETValue facility is ongoing in General Trias, Cavite, and is set to be completed by the fourth quarter .
Used PET bottles will undergo an 8-step green technology process that can process 45,000 metric tons (MT) per year or almost 3 billion pieces of plastic bottles, with an output of 32,000 MT per year of recycled PET resin.
Through this facility, Coca-Cola aims to close the loop of its packaging by collecting all types of clear plastic PET bottles, even those manufactured by other companies, and reduce plastic waste and leakage into waterways; generate more jobs for Filipinos and promote improved livelihood options downstream in the waste value chain.
