MANILA -- The Board of Investments (BOI) has registered Portal Steels, Inc. as a new producer of plastic pellets for exports.
Portal Steels invested some PHP46.3 million for a plastic pellet plant in Carmona, Cavite, in which commercial operation is set to start next month.
The facility has an annual capacity of 2,400 metric tons. Half of its production is intended for exports to Southeast Asia and other Asian markets.
The wholly-owned Filipino company will initially employ 26 personnel before increasing jobs to at least 44 by 2022.
Plastic pellets are raw materials for products using plastics such as plastic bags, bottles, packaging, and toys.
This is also used by other industries like automotive, construction, electronics, machinery, packaging, among others.
“This bodes well for more firms to export their products while also catering to the demands of the domestic market. Recent figures show our export figures in on the upward trend with double-digit growth in the first half of the year,” said Trade Undersecretary and BOI Managing Head Ceferino Rodolfo.
Meanwhile, January to October 2017 investment approvals at the BOI increased by 38 percent to PHP408.73 billion from PHP296.04 billion in the same period last year. (KMC/PNA)
