THE Board of Investments (BoI) said on Wednesday that it approved a P125-million project that will produce steel frame modules for structural building system.
The project will be located in Taguig City and operated by Accutech Steel and Service Center, Inc.
Accutech will establish a new production line for steel frame modules or panels, to be manufactured from slit rolls of galvanized cold-form steel (CFS).
“(The) project stands out as highly technical, utilizing computer-aided and controlled processes for project management, structural design, and engineering,” the BoI said.
The modules are used in the construction of houses, medium-rise buildings, factories, warehouses, and other structures.
Trade Undersecretary and BoI Managing Head Ceferino S. Rodolfo said CFS frames, a technology new to the Philippines, are in use in the US, Australia, and New Zealand.
“We are forging ahead with groundbreaking investment opportunities in the Philippines. This project heralds a revolutionary chapter in our construction industry, showcasing cutting-edge innovation,” Trade Secretary and BoI Chairman Alfredo E. Pascual said.
According to the BoI, Accutech’s project will help the construction industry improve in terms of cost, speed, and sustainability.
“This is the first project approved under Tier III of the Strategic Investment Priority Plan (SIPP) since it falls under ‘highly technical manufacturing and production of innovative products,’” the BoI said.
The Department of Science and Technology – Research and Development endorsed the project, noting that it represents the “commercial implementation the DoST’s Smart Manufacturing for Rapid Technology in Housing Construction program.”
Accutech will be entitled to income tax holidays (ITH) for six years and duty exemptions on imports of capital equipment, raw materials, spare parts, and accessories for a maximum of 12 years.
After the six-year ITH, Accutech will be eligible for enhanced deductions for five years. — Justine Irish D. Tabile