MANILA, Philippines - The Board of Investments (BOI) has approved the grant of tax perks for the P10.46-million project of metal product exporter Fabricar Corp.
“The BOI approved a P10.46- million project of Fabricar Corp. as a new export producer of metal products for home and industrial applications,†the agency said in a statement yesterday.
The company’s plant which is located in San Pascual in Batangas would be manufactured different metal products.
It is expected to produce up to 300 units of log splitters or equipment used for splitting firewood, per year.
The plant is likewise seen to manufacture 216 units each of trailers and water heaters annually.
Most of its products would be exported to Australia, New Zealand and United States.
The facility started commercial operations in May, with an initial manpower of 28 personnel.
By the fifth year of operation, the company aims to increase its workforce to 56 personnel.
With the approval of the registration of the project, Fabricar could enjoy incentives such as exemption on payment of income tax as well as duties on capital equipment imports.
The government provides incentives to firms that invest in activities listed in the Investment Priorities Plan (IPP).
Export activities, which cover the manufacture of products for exports, as well as services exports, are listed under the IPP.
Fabricar specializes in manufacturing, sub-contracting export, and distribution of fabricated world class quality metal products for residential, commercial and industrial applications.