PEZA Granted Approval to Figaro Coffee Group's Subsidiary's Registration Application for its New Project

Figaro Innovation and Development, Inc. (FIDI), a wholly-owned subsidiary of Figaro Coffee Systems, Inc. (FCSI), the operating subsidiary of Figaro Coffee Group, Inc. (FCG), received on October 2, 2024, a copy of the Certificate of Board Resolution No. 24 - 259 issued by PEZA, certifying that, at its Board Meeting held on September 23, 2024, the PEZA Board has approved the application of FIDI for registration of its New Project to engage in the production of pizza products and frozen pizza at the 116 East Main Avenue Phase V, Laguna Technopark-Special Economic Zone (LT-SEZ), Mamplasan, Binan City, Laguna.

The PEZA Board Resolution further stated that the said approved project shall be entitled to Income Tax Holiday (ITH) for five years, and 5% Special Corporate Income Tax (SCIT) for ten years in accordance with the provisions of R.A. No. 11534 or the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, subject to FIDI’s signing of a Supplemental Agreement with PEZA, under standard registration terms and conditions, and to the prescribed pre-registration and registration requirements.

FCG shall accordingly provide updates regarding developments on the foregoing PEZA approval of FIDI’s New Project, including, among others, the execution of the Supplemental Agreement between FIDI and PEZA, as well as FIDI’s compliance with the prescribed conditions and requirements provided in the said PEZA Certificate of Board Resolution.

​Figaro Coffee Group Inc. (FCG) was incorporated on July 6, 2018 as a wholly-owned subsidiary of Carmetheus Holdings, Inc. primarily to process, manufacture, package all kinds of food products, and establish, invest, develop, operate and maintain restaurants, coffee shops and refreshments parlors, among others.

FCG has one subsidiary, Figaro Coffee Systems, Inc. (FCSI), through which it operates and/or franchises a network of retail restaurants. These include Figaro Coffee, a coffee shop chain with domestic and international branches; Angel's Pizza, a pizza store chain; Tien Ma's, a Taiwanese cuisine restaurant chain; Koobideh Kebabs, a casual-dining persian kebab chain; and Café Portofino, a cloud-kitchen outlet which primarily serves a variety of food and pastries.

As of July 29, 2024, Figaro Coffee Group operates a total of 206 stores across all brands. ​