First BOI-registered shipyard in Leyte to fully operate mid-2024
By Kris Crismundo | Philippine News Agency | March 20, 2024 4:11PM
SHIPYARD SERVICES. IMP Shipyard and Port Services, Inc. in Albuera, Leyte will start full operation by mid-2024, the Board of Investments (BOI) said on Wednesday (March 20, 2024). The company invested PHP500 million for the shipbuilding and port services facility in Leyte. (Courtesy of BOI)
MANILA – The Board of Investments (BOI) said Wednesday that the full operations of IMP Shipyard and Port Services, Inc. in Albuera, Leyte will start in the middle of this year.
IMP is the first BOI-registered shipyard project in Leyte, which qualifies for the Tier I of the Strategic Investment Priority Plan (SIPP), in accordance with the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act.
The BOI awarded the certificate of registration to IMP last Feb. 23, the agency said in a statement Wednesday.
“Established in 2019 with an initial project investment cost of PHP500 million, IMP Shipyard is expected to be fully operational by mid-2024, boasting a total capacity of 10 berths to accommodate two ships for new construction and eight ships for ship repair services,” the BOI said.
IMP’s current flagship project is the construction of an energy-efficient ferry for Cebu-based shipping company Metro Ferry Cebu for its re-fleeting program.
“Looking ahead, IMP Shipyard plans to expand into strategic locations to accommodate larger vessels and potentially establish a ship-breaking and recycling facility to support the government’s ship retirement and replacement program,” the BOI said, adding that the expansion will be in the country.
It also urged domestic and foreign investors to look into partnering with IMP for its future projects.
The BOI said it has approved 35 shipbuilding projects in the manufacturing and transport and storage industries over the past 10 years.
“IMP Shipyard’s entry is poised to further boost the Philippines’ strong shipbuilding industry,” the BOI said.
The Philippines is the world’s fourth largest shipbuilding country with a total of 115 shipyards registered with the Maritime Industry Authority (MARINA) and a workforce of 300,000 individuals.
Source: Philippine News Agency