Business Bayani PH

The inauguration of IMP Shipyard and Port Services, Inc. on February 23 marks a significant milestone for the Philippine shipbuilding industry. The Philippine Board of Investments (BOI) has approved IMP as the first shipyard to register under Tier I of the Strategic Investment Priority Plan (SIPP).

This move recognizes the strategic importance of the project, which boasts a P500 million investment. Expected to be fully operational by mid-2024, the shipyard will have a capacity of 10 berths, allowing for the simultaneous construction of two new ships and repairs on eight others. One of their flagship projects is an energy-efficient ferry for Metro Ferry Cebu.

IMP Shipyard aims to be a leader in safe, efficient, and eco-friendly shipbuilding and repair. They envision harnessing the Philippines’ potential in the Blue Economy, which focuses on the sustainable development of ocean resources. The company also plans to build fishing vessels and a fish port with refrigeration, creating a boost for the local fishing industry.

Focus on Jobs and Maritime Development

The project will create significant #employment opportunities for Filipinos. IMP Shipyard is working with the Department of Migrant Workers to provide upskilling and reskilling opportunities for returning seafarers, with potential business opportunities within the shipyard’s ancillary services.

Furthermore, IMP is committed to developing the domestic maritime industry. They plan to design and build steel-hulled vessels up to 50 meters in length to support the Coastal and Inland Water Transport System. Their repair services are focused on fast turnaround times.

Boost for the Shipbuilding Industry

The BOI’s approval of IMP as a strategic investment underscores the government’s support for the shipbuilding sector. The Philippines is already the world’s fourth-largest shipbuilding nation, with a strong industry employing over 30,000 workers. IMP’s entry is expected to further solidify this position.

Looking ahead, IMP Shipyard has plans for expansion to accommodate larger vessels and potentially establish a ship-breaking and recycling facility. They are inviting collaboration from prospective investors and domestic shipowners.

The BOI remains committed to supporting the domestic shipbuilding industry to meet local demand and expand its share in the global market. This aligns with the government’s goal of making the Philippines a global maritime hub.