Business and Economy
BOI okays P7-B manufacturing projects
BOI logo (Photo: Philippine Board of Investments/Facebook)
MANILA –– The Board of Investments (BOI) has registered three projects in manufcaturing sector amounting to PHP6.95 billion, the agency said Thursday.
The largest of the three pledges is the PHP3.99-billion expansion of San Miguel Yamamura Corp. (SMYAC) of its glass container production facility in Imus, Cavite.
With the expansion plan, SMYAC will have an additional capacity of 92,517 metric tons per year of glass container for beverages, particularly beer and spirits products. The plant’s current capacity is at 145,701 MT annually.
The BOI said SMYAC has embarked on this project to cater to the growing local and foreign demand for glass containers.
About 60 percent of its produced glass containers were for domestic market.
The expansion also aims to serve the demands from markets of Australia and New Zealand.
BOI said part of SMYAC’s projects would be bringing in new technologies and latest equipment in manufcaturing glass container.
The company targets to open the new facility online by March 2019 with additional employment of 138 personnel.
Moreover, the investment promotion agency has given go-signal for the PHP2.86-billion suspension type polyvinyl chloride (PVC) resin production of Philippine Resin Industries, Inc. (PRII) in Mariveles, Bataan.
The project targets to hike its annually production capacity to 220,000 MT of resins from the current 100,000 MT.
PRII’s expansion will also focus on producing K65 resin grades used for pipe manufacturing, which account for 60 percent of the market demand.
The new facility is expected to be operational by January 2019.
Also, the BOI registered the PHP100-million expansion project of Metalcast Corp. in its facility in Carmona, Cavite.
The operation started only this January employing additional 75 personnel.
Metalcast caters its products to automotive and motorcycle assemblers registered with the Philippine Economic Zone Authority (PEZA).
At least 60 percent of its production are being exported to Thailand and Japan.
“The influx of these expansion projects is expected to sustain the growth momentum of manufacturing from last year as the sector posted robust growth in terms of investments to meet not only the strong domestic demand but also to fuel the export growth of the sector,” Trade Undersecretary and BOI Managing Head Ceferino Rodolfo said.
