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Thursday, April 25, 2024

BoI okays two SME projects

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THE Board of Investments granted incentives to Sooraj Garments Manufacturing Inc. and Hardware Labs Performance Systems Inc. in a bid to develop small and medium enterprises.

The two were the first SME investment projects approved by the agency under its newlystreamlined registration process.

The BoI delegated the processing and approval of projects of micro and small enterprises to the executive director for industry development services for projects in Luzon, and to the division chiefs and officers-incharge of BoI extension offices in 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 P15 million and below.

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Sooraj Garments is a new export producer of garments with an annual capacity of 808,080 pieces per year. Located at Binangonan, Rizal, the P1.9- 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 P4.155- million project is located in Mabalacat, Pampanga and will employ seven people on a nonpioneer 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.

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