BOI approves 3 new export projects

The Board of Investments (BOI) has approved three export- oriented projects with investments worth a total of P599.46 million.

The BOI has approved the export projects of Mega Manila G.N.B Motors Corp., Daesang Ricor Corp., and Cloud 9 Global Sourcing Corp.

“These firms are projected to bring in a total of $160 million in five years and would generate 203 jobs,” it said.

Mega Manila’s project, which involves the production of copper ingots used for cables and plastic pellets used in plastic products, costs P22.2 million.

The plant, located in Naic in the province of Cavite, will have an annual capacity of 700 metric tons (MT) for copper ingots and 1,167 MT for plastic pellets.

The project started its commercial operations last month and will employ up to 48 personnel.

Daesang Ricor ’ s P567.3 million project located in Cagayan de Oro meanwhile, involves the production of glucose syrup for export.

The project would have an annual capacity of 66,000 tons and at least 70 percent of the plant’s output would be exported to South Korea, Vietnam and Thailand.

Commercial operations of the project are expected to be in full swing by August and 55 jobs would be created.

As for Cloud 9 Global Sourcing, its project which involves P9.96 million worth of investments would manufacture apparel for men, women and children.

The plant which started operations last month, would produce 586,872 clothing pieces per year to be shipped to South America.

It is expected employ up to 100 personnel for the plant’s full operation.

The three projects are seen to help increase the share of the country’s homegrown products in the global market.

Under the Investment Priorities Plan, which serves as the government’s investment promotions blue print, export activities could quality for incentives.

The three firms could enjoy income tax holidays as well as other perks.