THE Board of Investments (BoI) said it approved on March 22 the application for registration of Holdsun Philippines’ P35.2 million footwear export project.
“Apart from the project’s big boost to the country’s footwear exports…we see this project as a significant employment generator as workers for the manufacturing facility is expected grow by the double in just two years, providing more job opportunities for many,” Trade Undersecretary and BoI Managing Head Ceferino Rodolfo said in a statement on Friday.
The BoI approved Holdsun Philippines Inc. (HPI) as a new export producer of footwear under the export activity of the current Investment Priorities Plan (IPP).
HPI aims to produce 2.5 million pairs of footwear yearly in its manufacturing facility in Antipolo City Rizal and source its imported raw materials from China and other Asian countries.
It plans to export at least 50 percent of its production to established brands in Europe, especially in Italy, Germany and France.
The footwear manufacturing facility is now gearing for full operations with the installation of machinery and equipment already completed. Training of workers and trial-run operations are currently ongoing. Commercial operations were set to start in March.
The BoI said that the project will employ more than 300 employees in its initial year of operations, which is expected to double to 600 in the second year.
The country’s footwear exports reached $48.9 million in 2016, a 47.6-percent growth from $33.1 million in 2015, according to figures from the Philippine Statistics Authority.