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Manila Bulletin devider Business devider Trade & Industry devider BOI opens P500-M Leyte shipyard, port facility

BOI opens P500-M Leyte shipyard, port facility

Published Mar 20, 2024 07:32 am

The Board of Investments (BOI) has announced the opening of the P500 million MP Shipyard and Port Services Inc. in Leyte, making it the country’s first shipbuilding and repair facility registered under the agency.

According to the BOI’s statement on March 20, the facility was approved under Tier I of the Strategic Investment Priority Plan (SIPP) of the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) Law, in order to boost the Blue economy.

Among the incentives afforded to the port, given its determination as part of the SIPP, are “an income tax holiday (ITH) for six years and enhanced deductions for five years after the ITH, as well as duty exemption on importation of capital equipment, raw materials, spare parts, and accessories for a maximum of 12 years,” as per the information office of the BOI in a Viber message to reporters.

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In photo: Entrance façade to IMP Shipyard’s facility in Albuera, Leyte (Photo from BOI)

The facility, with an initial investment cost of P500 million, was inaugurated last Feb. 23 in Albuera municipality, Leyte, and is expected to be fully operational by the middle of this year.

Once complete, it has the space to hold a maximum of ten berths, which can accommodate two ships for construction and eight ships for repairs.

BOI said that an energy-efficient ferry is sought to be constructed by IMP at the facility to support the re-fleeting program of Cebu-based shipping firm Metro Ferry Cebu.

It added that IMP has shared its plans to build commercial fishing vessels and establish a sufficiently supplied fish port equipped with refrigeration units for the benefit of local fisherfolk.

“Aligned with the Road Map of the Maritime Industry Development Program (MIDP 2028), IMP Shipyard is focused on the five Priority Programs that encompass the whole-of-MIDP approach: Shipbuilding, Ship Repair, Community Empowerment, Capacity Building, and Seafarers Re-integration Program,” the BOI stated.

IMP is also looking into designing and building steel-hulled vessels of 50 meters LOA (length overall) and below to facilitate faster turnaround of vessels undergoing repair.

Aside from reinvigorating the marine and maritime industries, the company hopes to provide employment to Filipinos, especially to returning Filipino seafarers who can contribute to services in IMP.

The company is also planning to expand its operations in the Philippines for larger vessels, with a possible ship-breaking and recycling site for retired ships and those for replacement.

Including IMP’s new facility, BOO has approved 35 shipbuilding projects in the manufacturing, transport, and storage sectors in the last decade.

“The BOI remains committed to enhancing the domestic shipbuilding industry’s capability to meet local vessel demand and expand its market share in the global value chain, supporting the government’s goal of positioning the country as a global maritime hub,” it said.

Maritime Industry Authority (MARINA) currently has 115 registered shipyards, with over 30,000 employees.

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