Vol. XXI, No. 240 [ BusinessWorld Online ]
Tuesday, July 8, 2008 | MANILA, PHILIPPINES
THREE NEW PROJECTS worth a total of P2 billion recently obtained approval from the Board of Investments (BoI).
BoI documents showed local pharmaceutical firm Euro-Med Laboratories Phil., Inc. is investing P1.32 billion to put up a power generation facility to supply its electricity needs, while property firm Alunan Realty Co., Inc. was allowed to build low-cost, mass-housing units for P62.25 million, and manufacturing firm High Quality Knitting Mills, Inc. is investing P14.26 million to produce and export knitted fabrics.
Euro-Med, a Filipino-owned firm that manufactures pharmaceutical products, is building a stationary fuel cell to generate 400-kilowatts and supply 25% to 30% of the company’s average electric load. The fuel cell will use either compressed natural gas or hydrogen and combine it with oxygen to generate electricity. "With this project, the firm expects to save at least P48 million annualy in power and fuel consumption," BoI said of the facility will start operations in June 2010.
Alunan Realty, for its part, is developing 9.6 hectares of land to construct 505 low-cost houses. The project, called Residencia Royale, targets to generate 94 jobs. Commercial operations are set in August this year.
High Quality Knitting Mills, meanwhile, is proposing to manufacture and export knitted fabrics at a capacity of 5.46 million kilos a year. The products will be sold to various garments manufacturers and exporters producing T-shirts, sportswear, underwear and others. The company is looking at hiring 70 people.
The BoI and the Philippine Economic Zone Authority said they had approved a total of P204.77 billion in new investment commitments from January to May, more than double the P85.11 billion over a year ago. — BSSD
_______________________________________________________________________
