THE Board of Investments (BoI) approved operations of the shipyard in Leyte as the first shipbuilding and port services facility registered with the agency under its investment priority plan.

Under the Tier I of the Strategic Investment Priority Plan (SIPP), the BoI approved the launch of the shipyard facility during the inaugural launch on Feb. 23, 2024, in Albuera, Leyte.

Built by the IMP Shipyard and Port Services Inc., the shipyard is expected to be fully operational by mid-2024, the BoI said in a statement on Wednesday. It has a total capacity of 10 berths — two for shipbuilding and eight for repair services."The company aims to capacitate returning seafarers for their upskilling and reskilling and provide for their potential business opportunities in the ancillary services of IMP Shipyard," the BoI said.This project is in line with the company's plan to establish a shipbuilding and repair facility in the Philippines, focusing on safety and environmental sustainability.

The project was first launched in 2019 with an initial investment of P500 million. One of its flagship projects included the construction of an energy-efficient ferry as part of the refleeting program of Metro Ferry Cebu.

Additionally, IMP Shipyard intends to develop commercial fishing boats and construct a fish port equipped with refrigeration facilities to boost economic growth and support local fishermen.

"Moreover, IMP Shipyard vows unceasing implementation of development programs for the maritime industry, harnessing the potential of our maritime workforce in ship designs and constructions to facilitate the modernization effort in our domestic shipping industry," the BoI said.IMP Shipyard plans to venture into key areas to accommodate bigger ships. It also considers setting up a facility for shipbreaking and recycling to aid the government's ship retirement and replacement program.

The BOI reaffirmed its commitment to enhance the domestic shipbuilding industry's capability to meet local vessel demand and expand its market share in the global value chain, supporting the government's goal of positioning the country as a global maritime hub.

Read The Rest at :