MONDE Nissin Corp.'s P1.2-billion investment in Davao City for the establishment of an automated manufacturing and processing facility for butter coconut biscuits has been approved by the Board of Investments (BoI).

The company has an initial distribution plan targeting the Visayas and Mindanao, and envisions future expansion in Indonesia and other Southeast Asian markets, according to BoI.

Monde Nissin said the project includes the acquisition and installation of machines and equipment with an allocation of about 48 percent; site preparation and development with 46 percent; and 6 percent for working capital.

Unlike its previous manual plants in Santa Rosa, Laguna, the new facility will feature advanced technologies for packing and moving of finished goods.

"For this project, the firm will employ advanced automation technology for the packaging and movement of finished goods, which will require highly skilled workers who are hired locally," the BoI said in its report.

The new facility is seen to generate 111 regular jobs, contributing to local employment and economic activity.

Monde Nissin's expansion is expected to boost the southern regions' economy and enhance the firm's distribution network, the BoI said.

Earlier this year, Monde Nissin announced that it has allocated P7.21 billion for capital expenditures this year, nearly doubling last year's P3.64 billion.

This investment from Monde Nissin is one of the big-ticket projects included in the P1.15 trillion worth of ventures approved by the BoI from January to July this year.

Investment pledges during the period were higher by 65 percent than the P699 billion in 2023.

BoI said that these investment approvals are expected to generate 27,207 jobs once registered and fully operational.

On Tuesday, Monde Nissin's share price rose by 11 centavos to close at P9.32 each.