In an attempt to get a grip on the soaring price of animal feeds, the Board of Investments has granted tax incentives and other perks to the Philippine Fuhua Sterling Agricultural Technology Development for its venture into producing hybrid corn for animal consumption. The project is a joint venture between the Philippines' Sterling Paper Products Enterprises Inc. and Fuhua Group of China. Philippine Fuhua said it will invest P120 million in a mechanized type of hybrid corn farming while also developing an irrigation facility. The hybrid corn of various varieties will be imported from China. The venture will also require the company to set up a technology transfer system. Henry Lim Bon Liong, head of Philippine Fuhua, said the company expects to produce at least seven tons of dried yield every cropping season or a total of 52.5 million kilograms a year. In addition, the hybrid corn farm will generate a couple of thousand jobs for local residents.