SOURCE: PNA
In the heart of the Philippines, a significant development is set to revolutionize the maritime industry. The Board of Investments (BOI) announced that starting mid-2024, IMP Shipyard and Port Services, Inc., located in Albuera, Leyte, will be in full swing. This is a momentous occasion as IMP is the first BOI-registered shipyard in Leyte, marking a significant milestone for this rapidly emerging locality.
IMP Shipyard has secured its position under Tier I of the Strategic Investment Priority Plan (SIPP), thanks to the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act. The BOI, sensing the potential and promise of IMP, awarded the certificate of registration to the shipyard project on February 23, a move that further solidifies its establishment.
IMP Shipyard, established in 2019, started with an initial project investment of PHP500 million. The shipyard is projected to be fully operational by mid-2024, with a total capacity of 10 berths. This will allow the accommodation of two ships for new construction and eight ships for ship repair services, a significant capacity for a newly established shipyard.
IMP's current flagship project is the construction of an energy-efficient ferry for Metro Ferry Cebu. This innovative project aligns perfectly with the Cebu-based shipping company's re-fleeting program, further demonstrating IMP's commitment to sustainable shipping solutions.
Looking forward, IMP Shipyard has ambitious plans to expand into strategic locations. This move will accommodate larger vessels and could potentially lead to the establishment of a ship-breaking and recycling facility. Such a facility would support the government’s ship retirement and replacement program, providing a vital service to the maritime industry.
The BOI is encouraging both domestic and foreign investors to consider partnering with IMP for its future projects. This is an excellent opportunity to be a part of a groundbreaking venture that promises to reshape the maritime industry in the Philippines.
Over the past ten years, the BOI has approved 35 shipbuilding projects in the manufacturing and transport and storage industries. IMP Shipyard's entry into this competitive landscape is set to further boost the Philippines' robust shipbuilding industry.
The Philippines has made a name for itself on the global stage, standing as the world’s fourth-largest shipbuilding country. With 115 shipyards registered with the Maritime Industry Authority (MARINA) and a workforce of 300,000 individuals, the Philippines is a force to be reckoned with in the maritime sector.
IMP Shipyard is more than just a shipyard – it's a beacon of hope for the maritime industry, proving that with the right investments and strategic planning, incredible growth can be achieved. The shipyard's entry is a testament to the country's thriving shipbuilding industry and an indicator of the exciting developments to come.
As we anticipate IMP Shipyard's full operations in mid-2024, we look forward to the innovations and advancements that this pioneering enterprise will bring to the maritime industry. Every day brings us closer to the dawn of a new era in Philippine shipbuilding. The voyage has just begun, and the horizon is filled with infinite possibilities.
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