THE Philippines' ambitions to become a major player in the shipbuilding and repair (SBSR) industry received a significant boost with the Board of Investments (BOI) registering IMP Shipyard and Port Services as the first Tier I SBSR facility under the Strategic Investment Priority Plan (SIPP) of the Corporate Recovery Enterprises Act, or Create (Republic Act 11534).
IMP president and chairman of the board, Capt. Gaudencio Morales, said: "The tax incentives can help reduce the cost of shipbuilding and ship repair in the country and will certainly better position our country's effort to put SBSR in the forefront."
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