THE Board of Investments (BoI) said Thursday that it approved three manufacturing expansion projects worth a combined P6.95 billion.
In a statement, Trade Secretary and BoI chairman Ramon M. Lopez said the interest in expanding operations here indicates that the country “continues to be a magnet for investments.”
“[T]his is due to the country’s improving business environment, sound macroeconomic policy, political stability, favorable demographics, and of course, our people, who have always been the country’s prime asset in attracting foreign investments,” he added.
According to the BoI, the Department of Trade and Industry’s investment promotions arm, the biggest among the three investments came from San Miguel Yamamura Asia Corp’s P3.99-billion project to produce glass containers which is due to start operations by March 2019.
This includes a new glass facility at its 32,000 square meter site in Imus, Cavite. The project will increase the company’s 145,701 metric ton (MT) capacity by another 92,517 MT and produce more types of glassware.
With the expanded production, the company hopes to allocate 60% of output to domestic clients while the remaining 40% will be exported to Australia and New Zealand.
Also approved was Philippine Resign Industry, Inc.’s (PRII) P2.86-billion facility to manufacture suspension-type polyvinyl chloride or PVC resins.
PRII’s expansion also adds another 100,000 MT to its current annual capacity of 120,000 MT through a Japanese technology which will shorten production time.
The expansion is expected to start operations in January.
Motorcycle and automotive parts manufacturer Metalcast Corp. also gained approval for its P100-million aluminum die cast production line.
Metalcast Corp’s expansion in Cavite will increase its current 2,850-ton capacity by another 1,800 tons annually. The expansion, which started operations in January, resulted in the hiring of an additional 75 personnel.
At least 60% of the parts produced by Metalcast Corp. are exported to Thailand and Japan while the remaining are sold to assemblers operating in economic zones.
In 2017, the Philippines attracted P96 billion in manufacturing investment, up from P49.3 billion in 2016.
Mr. Lopez has noted that foreign investment in the manufacturing sector rose 244% to $1.15 billion.
“The manufacturing industry has been delivering on its promise to be a pillar of economic growth in the country. Since 2012, the department has intensified its campaign and link-in efforts of both government and private sectors to revitalize the manufacturing industry,” he added.
“The sector remains a highly viable investment area and a source of meaningful and well-paying jobs for the people.” — Anna Gabriela A. Mogato
