The Board of Investments on Wednesday said that a newly-launched shipyard in Albuera, Leyte is eligible to receive perks under the Corporate Recovery and Tax Incentives for Enterprises Act or CREATE Law.

“The BoI, recognizing the strategic importance of this project, approved IMP Shipyard (and Port Services, Inc.) as the first shipbuilding and repair facility registered with the BoI under Tier I of the Strategic Investment Priority Plan, under RA (Republic Act) 11534 or the CREATE Law,” the BoI said in its statement.

Moreover, the BoI added that IMP Shipyard, owned by Capt. Gaudencio Morales, is eligible to receive income tax holiday for six years, enhanced deductions for five years after ITH, and duty exemption on the importation of capital equipment, raw materials, spare parts and accessories for a maximum of 12 years.

Established in 2019 with an initial capitalization of P500 million, IMP Shipyard is expected to be fully operational by mid-2024, boasting a total capacity of 10 berths to accommodate two ships for new construction and eight ships for ship repair services.

One of the shipyard’s flagship projects was the construction of energy-efficient ferries as part of the re-fleeting program of Metro Ferry Cebu, a domestic shipping company based in Cebu City.

IMP Shipyard also plans to build commercial fishing vessels and establish a fish port equipped with refrigeration units, stimulating economic activities and benefiting local fisherfolk.

The project is expected to provide employment opportunities for Filipinos, including former overseas workers, and provide returning seafarers with upskilling and reskilling services or business opportunities in the ancillary services of IMP Shipyard.

In the past 10 years, the BoI has approved 35 shipbuilding projects in the manufacturing transport, and storage industries. IMP Shipyard’s entry is poised to further boost the Philippines’ strong shipbuilding industry.