BOI to fine-tune chemicals industry masterplan

The Board of Investments ( BOI) is set to fine tune the country’s chemicals masterplan to map out programs that will further accelerate development of the industry, the agency’s chief said.

“The current masterplan needs to be revisited to clearly define the strategies and identify which action agenda will be prioritized especially those that have valuable impact on the industry,” BOI managing head Ceferino Rodolfo said.

“Having all these detailed in the masterplan will enable the industry to sustain growth and generate quality job opportunities for Filipinos,” said Rodolfo, who is also Trade undersecretary.

The new plan will replace the once drawn up in 2013, which, among others, aimed for the sector to become the country’s third largest exporting industry with $30 billion in shipments by 2030.

Under the updated version, separate roadmaps for each subsector will be identified, which will include research programs that will be undertaken by the government.

These programs, Rodolfo said, will be conducted in coordination with the Department of Science and Technology.

Aside from being divided by sectors, a “more focused” strategic investment promotions plan will also be drawn, while capacity-building trainings for technical working groups will also be held.

“Green” chemicals will also be included as the industry seeks to incorporate environment-friendly chemical products into the local chemical branding strategy.

A consultation with various stakeholders was conducted last month to discuss how to further improve the masterplan.

The Philippine chemical masterplan serves as a blueprint that details the vision, mission, objectives, current situation, strategies, action plans, and programs of the country’s chemicals industry.