BOI registered IMP shipyard poised to help boost PH SBSR

BOI registered IMP shipyard poised to help boost PH SBSR
April 3, 2024 https://www.manilatimes.net/2024/04/03/business/maritime/boi-registered-...

THE Philippines' ambitions to become a major player in the shipbuilding and repair (SBSR) industry received a significant boost with the Board of Investments (BOI) registering IMP Shipyard and Port Services as the first Tier I SBSR facility under the Strategic Investment Priority Plan (SIPP) of the Corporate Recovery Enterprises Act, or Create (Republic Act 11534).

IMP president and chairman of the board, Capt. Gaudencio Morales, said: "The tax incentives can help reduce the cost of shipbuilding and ship repair in the country and will certainly better position our country's effort to put SBSR in the forefront."

Launched on February 23 at the state-of-the-art shipyard facility in the Municipality of Albuera in Leyte, IMP's presence in the area marks a significant milestone in the country's thriving SBSR industry.

Founded in 2019 with a P500 million initial investment, IMP Shipyard is on track for full operation by mid-2024. The facility boasts 10 berths, capable of handling both new construction (two ships) and ship repair (eight ships) simultaneously. A flagship project involves building an energy-efficient ferry for Metro Ferry Cebu's domestic re-fleeting program.

The project will provide significant employment opportunities for Filipinos in collaboration with the Department of Migrant Workers-National Reintegration Center for OFWs. The company aims to capacitate returning seafarers for their upskilling and reskilling and provide them with potential business opportunities in the ancillary services of IMP Shipyard.

Morales said, "This is also an eye opener to our Filipino seafarers that they can do better than just by being a ship's captain or chief engineer by being a ship manager, a ship owner or a ship builder."

IMP Shipyard vows to unceasingly implement development programs for the maritime industry, harnessing the potential of our maritime workforce in ship designs and construction to facilitate the modernization effort in our domestic shipping industry.

Aligned with the Road Map of the Maritime Industry Development Program (MIDP 2028), IMP Shipyard is focused on the five priority programs that encompass the whole-of-MIDP approach: Shipbuilding, Ship Repair, Community Empowerment, Capacity Building, and Seafarers Re-integration Program.

For its shipbuilding and ship repair services, IMP aims to design and build steel-hulled vessels of 50 meters LOA and below in support of the Coastal and Inland Water Transport System of the Maritime Industry Authority and is committed to a fast turnaround of vessels for its repair services.

The BOI's approval of IMP Shipyard as a strategic investment underscores the government's support for the shipbuilding sector.

In the past 10 years, BOI has approved 35 shipbuilding projects in the manufacturing, transport and storage industries. IMP Shipyard's entry is poised to boost the Philippines' strong shipbuilding industry further.