PORTAL Steels, Inc. has won tax and fiscal incentives for its plastic pellet export business, qualifying under the Investment Priorities Plan (IPP), the Board of Investments (BoI) said.
In a statement Friday, the Department of Trade and Industry’s investment promotions said it approved incentives for the company’s P46.3 million plant at Hong Chang Compound, Carmona, Cavite.
The plant is expected to produce 2,400 metric tons of plastic pellets annually once it starts commercial operations next month, which will be used for food and beverage packaging products, bags, and gearbox motors. More than half of the output will be shipped out to Asian markets.
Portal Steels said in the statement that it plans to increase its work force to 44 from the current 26.
The IPP grants incentives for goods and servics exports.
According to the BoI, the production of plastic pellets falls under the automotive, construction, electronics, machinery, packaging and “other” sectors category of eligible projects under IPP.
The DTI is seeking to revive the local manufacturing industry through a program of incentives for projects outside Metro Manila.
In September, Portal Steels also qualified for incentives for its P323 million steel billet plant which will produce for both local and export markets.
The steel billet plant uses scrap metal as its raw material and is due to open in December. — Anna Gabriela A. Mogato
