LAPANDAY Foods Corporation, an agribusiness company in Mindanao, revealed that it would take around P2 billion for the reconstruction of their box and plastic manufacturing plant in Mandug, Davao City.
The facility was among the Lorenzo-owned facilities that were attacked by the members of New People’s Army (NPA) last Saturday dawn, April 29.
“This destruction of the biggest investment of Lapanday in Davao City will cost us P1.5 billion to P2 billion,” said Manolito Dagatan, Chief Financial Officer of LFC siad in the press conference at Hotel Elena Thursday, May 4.
The box plant is located in a two hectare or 20,000 square meters property in Mandug. The P1 billion-facility was built in 2005.
Dagatan said the NPA’s attack has not only affected the company alone or the Lorenzos, who own the company, but mostly the employees.
The facilities and equipment were burned by the NPA rebels on Saturday dawn, leaving hundreds jobless and leading the company to temporary cease the operation of the box plant.
“It’s really unfortunate that this investment in Davao City will suffer such result or damage,” he said.
Dagatan said over the last five years, the company contributed more than P600 million to various stakeholders during the cycle of their operations from 2012 to 2017.
For the taxes alone, which includes the real property and local business tax paid to the local government and the national government, the company has contributed over P50 million.
Around P130 million were also released since 2012 for the salaries of their employees and outside labor of the company while paying more than P400 million to various suppliers or partners and third parties.
He added that it will take two to three years to rebuild the same structure again, which is considered as one of their best facilities.
The company is confident in the capability of the government and the law enforcement agencies in seeing to it that their properties are being protected.
When asked if they will again put up the same facility, he was quick to say that they are considering factors and assessing different aspects whether to proceed or not with their investments in the city.
“Right now we are re-evaluating the future whether to go back or put up again this big investment. We are reviewing heavily our options,” he said.