The Philippine Board of Investments is boosting the growth and development of small and medium enterprises as it recently approved the application for registration of investment projects for small enterprises of Sooraj Garments Manufacturing Inc. and Hardware Labs Performance Systems Inc.
These were the first two SME investment projects approved by the agency under its newly-streamlined registration process.
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 and 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 costs of P15 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 P1.985-million project will employ 64 people on a non-pioneer status.
Hardware Labs is a new export producer of cryocell refrigeration cooling at an annual capacity of 780 modules. The P4.155-million project is 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.
The BOI 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, Rodolfo said.
“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,” he added.