BoI approves 3 export projects

The Board of Investments (BoI) of the Department of Trade and Industry has approved three export-oriented projects expected to bring in some $160 million in revenues over five years, the DTI said in a statement Wednesday. “These export projects will boost the capacity of homegrown products to increase [their] market share in the global market. According to the National Statistics Office figures, the country posted aggregate exports of $51.994 billion in 2012, up by 7.5 percent from $48.305 billion in 2011,” it said. The Board's Investment Priorities Plan provides export firms with income tax holidays for at least four years. The projects of MEGA Manila G.N.B. Motors Corp., Daesang Ricor Corp. and Cloud 9 Global Sourcing Corp. have a combined cost of P599.6 million and are expected to generate 203 jobs. MEGA Manila, which produces and exports copper ingots (used to make cables and bronze) and plastic pellets (components in plastics manufacturing), has a P22.2-million facility in Naic, Cavite that produces 700 metric tons (MT) of ingots and 1,167 MT of plastic pellets annually. It began operations in March and is expected to employ eight and generate $25.22 million in sales within five years and. Daesang Ricor will be producing glucose syrup in its P567.3-million, 66,000-ton-capacity plant in Cagayan de Oro beginning in August. The syrup will be exported mainly to South Korea, Vietnam and Thailand. The plant will employ 55 people and is expected to earn $127 million in export sales. Garment manufacturer Cloud 9 Global Sourcing will produce 586,872 items of clothing annually at its P9.96-million facility. It will export garments to South America and is expected to bring in export sales of $7.8 million. The plant's operations began last month. The facility will employ 100 people. — BM, GMA News