BOI-approved IB projects eye to source P2.99B from MSEs
inClUSiVE business (iB) projects approved last year by the Board of investments (Boi) target to source nearly p3 billion of goods and services from small firms in compliance with their commitment to provide livelihood to poor areas.
Five iB activities in agriculture and tourism approved in 2018 vowed to collectively procure p2.99 billion worth of products and services from micro, small and medium enterprises (MSMEs) by the third year of their commercial operations. They also committed to directly employ at least 185 workers, of which 30 percent are women, and engage over 1,000 individuals from marginalized sectors.
Trade Secretary Ramon M. lopez said this shows the potential of iB firms to contribute to the creation of decent jobs and livelihoods in the sites where they do business.
“The almost p3 billion worth of goods and services being sourced from MSMEs translate to decent jobs and livelihoods in the areas where these projects operate and to think that these are coming from only five projects. Just think of the impact that ten or a hundred projects will create in the countryside if we can get more companies to engage in iB,” lopez stated. The Boi is looking at iB as one of the most viable options in the development of a dynamic and more inclusive agricultural sector, as three of the five projects approved last year came from this.
Cargill Joy poultry Meats production inc., which invested p2.08 billion on an integrated dressed chicken processing plant in Santo Tomas, Batangas, targets to source at least p1.53 billion of goods and services from MSMEs. This should translate to about 400 marginalized individuals engaged.
Further, Millennium Specialty Coco products inc. in panabo, Davao del norte, looks to engage around 460 marginalized individuals suppliers, tollers and workers, and source p223.9 million of raw materials from MSMEs. on the other hand, Biotech Farms inc.’s p1.1-billion rice milling facility in Tantangan, Cotabato is looking at procuring rice paddy for its operations from farmers around the area. The project will source p999 million of raw materials and services from MSMEs, and engage at least 320 marginalized in the process.
on tourism, Seda lia Resort in El nido, palawan, aims to directly hire 25 low income individuals as workers, and get p60 million of goods from MSMEs. The resort is a p1.67 billion tourism facility owned and managed by Econorth Resort Ventures inc. in the growing lio Tourism Estate. it is a 153-room infrastructure that can showcase the biodiversity and natural attractions of the surrounding Bacuit Bay.
last, the p2-billion Canvas Duawon Hotel and Resort in Marigondon, lapu-lapu, will buy p380.47 million of products from MSMEs, and directly recruit 30 marginalized persons.