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Philippines' BOI okays tax benefits to two garment units
25
Jul '13
The Board of Investments (BOI), Government of Philippines, has approved the grant of tax benefits to two garment units, in order to revive the country’s garment sector exports.
 
The BOI has approved the P9.64 million project of H&S Inc for expansion of its existing production factory at Binangonan in Rizal province. The project is for adding capacity of 150,000 dozens of apparels annually, to the existing capacity to produce 31,200 dozens of garments per year.
 
The commercial operation of H&S’s expanded facility began last month, providing employment to 200 people. All the clothing produced at the extended facility would be exported to the US and the South American countries, BOI said.
 
BOI has also approved P4 million investment of I2 Industries Manufacturing Inc. for setting up a garment manufacturing unit in San Ildefonso, in Bulacan province, where commercial operation is expected to start in August 2013.
 
The new facility will employ 85 people and would have capacity to produce 25,000 dozens of kidswear, meant for export to the US and Australia.
 
Both the garment projects would be given tax incentives as they fall under the Export Activities component of the Investments Priorities Plan that identifies priority sectors for increasing investment inflows and generating more jobs, the BOI said.
 
Last year, Philippines’ garment exports declined by 17 percent year-on-year to US$ 1.57 billion, according to the National Statistics Office. 
 
From January to April 2013, for which figures are available, Philippines’ exported apparel worth US$ 546.90 million, down 12 percent compared to US$ 621.70 million exports made during the corresponding period of last year.
 

Fibre2fashion News Desk - India

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