The Board of Investments (BOI) has given approval to P6.95 billion worth of projects in the local manufacturing sector.
In a statement on March 22, the agency said it gave a go-signal to the P.99-billion expansion of San Miguel Yamamura Corp. (SMYAC) of its glass production facility in Cavite.
This would increase SMYAC’s capacity from the current 145, 701 MT to 238, 218 MT per year of glass containers for beverages.
The expansion plan of SMYAC, it said, was to address the growing local and foreign demand for galss containers.
The second project was the P2.86-billion suspension type polyvinyl chloride resin production of Philippine Resin Industries, Inc. (PRII) in Bataan.
The plan would bring its annually production capacity to 220, 000 MT of resins from the current 100, 000 MT. The facility is projected to be operational by early next year.
The BOI also gave a nod to the P100-million expasion project of Metalcast Corp. in its facility in Cavite.
Metalcast caters its products to automotive and motorcycle assemblers registered with the Philippine Economic Zone Authority (PEZA).
“The influx of these expansion projects is expected to sustain the growth momentum of manufacturing from last year as the sector posted robust growth in terms of investments to meet not only the strong domestic demand but also to fuel the export growth of the sector,” Trade Undersecretary and BOI Managing Head Ceferino Rodolfo said.