The Board of Investments (BoI) has given its nod to Ipolymer Solutions Corp.’s P9.6-million face mask manufacturing project in Caloocan City.
The attached agency of the Department of Trade and Industry (DTI) said it has greenlighted the application for registration of Ipolymer.
The project has an annual capacity of 13.2 million KN95 face masks and 26.4 million surgical masks.
“The country has been reeling from the ramifications of the pandemic, exacerbated by the emergence of new variants. With the entry of another domestic player for the manufacturing of facial masks, it is pivotal for the country’s capacity to cater to the rising demand of the public,” Trade Secretary Ramon M. Lopez said in a statement.
The face mask manufacturing project qualified under the 2020 Investment Priorities Plan, covering the Personal Protective Equipment (PPE), based on the Corporate Recovery and Tax Incentives for Enterprises Act.
“Since the outset of the pandemic, the BOI has been at the forefront of harnessing the Philippine manufacturing capacity amid the present global health crisis including through the repurposing project for (PPEs), disinfectants, and ventilators; and industrial coordination to ensure that oxygen is available across all hospitals in the country,” Lopez said.
The Trade department noted that demand for face masks has been on the rise across the world it has become part of the minimum health requirements.
With the project up and running, the local monthly production of face masks is projected to increase by 3.3 million, the BoI said.
The agency clarified, however, that all of the raw materials requirements will be imported.
“During these difficult times—be it natural calamities or global health crises—the local capability to supply critical and strategic products such as medical-grade face masks is crucial and serves as a reminder of the importance of developing our domestic manufacturing industry,” Lopez said.
The BoI registered two projects for the production of face masks last year. These include Sunwest Construction and Development Corp. in Bulacan and Nagaland Development Corp. in Naga City with annual capacity of 15.6 million and 2.4 million, respectively.
This year, the DTI said it aims to approve P1-trillion worth of investments as several projects are currently in the pipeline and awaiting approval for incentives.
BoI approved 235 projects amounting to P655.4 billion last year, which is below its P905-billion target for 2021 and P1.02-trillion worth of investments greenlighted in 2020.