The Department of Trade and Industry (DTI) has hiked the budget for its Industry Development Program (IDP) by 135.47 percent to P210.75 million this year from P89.5 million in 2015.
The program, spearheaded by the DTI and its Board of Investments (BOI), supports various industries in achieving and implementing industry roadmaps and targets.
In a joint statement, the BOI and DTI said the budget mainly be allotted to the conversion of the Cottage Industry Technology Center (CITC) into a manufacturing hub.
The money will be us to buy industrial equipment (P50 million), establish FabLabs or Innovation Centers (P25 million), finance operations and capacity-building projects (P25 million), and implement the Comprehensive Automotive Resurgence Strategy (CARS) Program (P10.75 million).
The balance of P100 million was approved by the Department of Budget and Management
“for the implementation of specific IDP projects in 2016,” according to the BOI.
Of the P89.5 million IDP fund last year, the board said there was “around P68 million” that was unspent. This will be used for the 2015 and 2016 projects under the Manufacturing Resurgence Program (MRP) of the DTI.
The IDP budget is source from the P289 billion appropriated to the MRP.
The DTI is set to hold two regional conferences in Ilocos and Leyte next month on the localization of industry roadmaps.
The conference on March 4 will revolve on the thriving sectors of processed meat and fruits, cacao and coffee.
A Leyte localization, on the other hand, will happen on March 10. It will focus on copper as one of the dominant sectors in the region.
The conferences aim to educate regional industries on the importance of industry roadmaps under the Asean Economic Community integration this year.
The BOI and DTI will also tackle opportunities and challenges industries face in aiming for competitiveness.
The conferences were so far held in Iloilo, Cebu, Davao, Baguio, Tagaytay, Pampanga, Zamboanga, Palawan and Naga.
There are now 40 industry roadmaps with the BOI, which 32 roadmaps are being implemented and eight are still being enhanced and finalized.