BOI approves R45.3-M plastic pellets plant
Plastic pellets manufacturer Portal Steels, Inc. has been approved by the Board of Investments (BOI) as exporter of plastic packaging materials.
Approved under the Export Activities of the Investment Priorities Plan (IPP), Portal Steels is investing R45.3 million in a manufacturing plant in Hong Chang Compound, Carmona, Cavite.
The plant has a registered capacity of 2,400 metric tons (MT) per year. At least half of the production is expected to be exported to Southeast Asia and other Asian countries in compliance with its registration as a Filipino-owned company.
These pellets are intended for the manufacture of food and beverages packaging products, plastic packaging bags, plastic gear box motors, among others.
The project will start commercial operation in December this year with initial employment of 26 personnel, growing to 44 by the fifth year of its operations.
“This bodes well for more firms to export their products while also catering to the demands of the domestic market. Recent figures show our export figures on upward trend with double digit growth in the first half of the year,” Trade Undersecretary and BOI Managing Head Ceferino Rodolfo said.
The country’s exports reached $31 billion from January to June 2017, up 13.6 percent from $27.3 billion last year during the same period, according to the Philippine Statistics Authority (PSA).
Portal Steels has been registered with the Securities and Exchange Commission (SEC) since 2013. It has been operating since then as a scrap metal recycling activity located in Valenzuela, Metro Manila. Portal Steels continues to acquire scrap metals from structure of old buildings, used vehicle or salvage vessels. These gathered metals are then sorted and checked for usable and functioning materials before exporting.
In August, 2016, its SEC registration was amended to also engage in the business of buying, manufacturing of steel for infrastructure and plastic products but not limited to pelletized plastic or any other plastic products. (BCM)