DoubleDragon to provide facility for P2.4-B egg venture between JFC, Japanese firm
Property developer DoubleDragon Properties Corp. has been tapped to provide the land and facility for a P2.4-billion joint venture project between Jollibee Foods Corporation (JFC) and ISE Foods Group of Japan, the world’s largest producer of eggs.
“ISE Foods Group taps DoubleDragon Properties Corp to provide the land and building facilities and lease the property to the planned Philippine Egg production joint venture between ISE Foods Japan and Jollibee Foods Corp.,” DoubleDragon said in a statement.
Based on the project brief, ISE Foods Japan would bring to the Philippines its modern technology and expertise in order to produce a million eggs a day.
The Sia family-owned DoubleDragon is set to develop the facility while fast-food giant JFC is set to operate it. The project is expected to create about 150 to 200 jobs.
“The planned project is seen to further boost the rental income of DoubleDragon. Also seen to further boost the agriculture sector and help in the rural development of the country which is a priority area of the Duterte administration,” DoubleDragon said.
The signing of the letter of intent was held in Tokyo, Japan on October 26 and was personally witnessed by President Rodrigo Duterte and Trade Secretary Ramon Lopez.
The letter of intent was signed by ISE Foods Japan chairman Hikonobu Ise, DoubleDragon chairman Edgar Injap Sia II and JFC chairman Tony Tan Caktiong.