BOI strengthens support for SMEs’ growth, approves investment projects of small firms
The Philippine Board of Investments (BOI) is further strengthening its support for the growth and development of small and medium enterprises (SMEs) as it recently approved the application for registration of investment projects of small enterprises—Sooraj Garments Manufacturing Inc. and Hardware Labs Performance Systems Inc.
The mentioned projects were the first two SME investment projects approved by the agency under its newly-streamlined registration process.
In line with the thrust of the present administration, the BOI, through Board Resolution Numbers 25-02 and 28-02, Series of 2016, delegated the processing and approval of projects of micro and small enterprises to the BOI Executive Director for Industry Development Services for projects in Luzon, and to the Division Chiefs/Officers-in-Charge of BOI Extension Offices for projects in the Visayas and Mindanao.
“The delegation of functions aims to speed up processing of applications and thus promote ease of doing business in support of the growth and development of businesses especially MSMEs,” Trade Secretary and BOI Chairman Ramon Lopez said.
The delegation applies to project activities in agriculture, services, tourism and manufacturing sectors with project cost of Php15 million and below.
Sooraj Garments is a new export producer of garments with an annual capacity of 808,080 pieces per year. Located at Binangonan, Rizal, the Php1.985 million project will employ 64 people on a non-pioneer status. Hardware Labs meanwhile is a new export producer of cryocell refrigeration cooling at an annual capacity of 780 pieces module. The Php4.155 million project is located at Mabalacat, Pampanga and will employ seven people on a non-pioneer status.
“Given their dynamic and productive characteristics, SMEs are seen as crucial for the country’s inclusive economic growth, employment creation, and innovation,” Trade Undersecretary and BOI Managing Head Ceferino Rodolfo said adding that the agency remains supportive of the growth and development of SMEs such as Sooraj and Hardware Labs which are at the forefront of manufacturing export-quality products. “By including export-oriented projects as one of the preferred activities in the annual Investments Priorities Plan, we encourage SMEs to be more competitive and more active in participating in global value chains,” said Undersecretary Rodolfo. (END)