BOI, PEZA okay P956-M projects

Three major investment projects on retail trade, utilities and manufacturing worth P956 million were approved recently by the Board of Investments (BOI) and the Philippine Export Zone Authority (PEZA).

The BOI has approved the P411-million project of Caltex Services (Philippines) Inc. (CALSERV) and Foremost Water System Inc.’s P120-million project in Minglanilla, Cebu.

PEZA, on the other hand, has approved the P425 million YTP-Lima Manufacturing Inc. (YLMI) project which will manufacture wiring harness at its plant in Lima, Batangas.

CALSERV plans to sell petroleum and other commodities through operations of gas stations. The gas firm will initially open nine service stations in strategic locations in Metro Manila and key provinces in Luzon.

"By directly operating our own network of retail stations, we have the opportunity to further enhance the quality and standards of our service and product offerings and at the same time strengthen Caltex’s brand position in the market," CALSERV director Mentz Deguito said.

Prior to 2000, foreign-owned corporations were not allowed to engage in retailing in the country.

On the other hand, the P120 million Foremost Water Systems Inc. project is a joint venture with Helpmate Inc.

The project will supply 4,000 to 10,000 cubic meters of potable water daily to the Metropolitan Cebu Water District through its pipeline at Talisay-Minglanila boundary.

The construction of the project is expected to generate employment for 100 workers and 25 staff member for the maintenance of the water system.

Foremost Water Systems Inc. is locally-owned and is into construction and operation of deep wells and extraction and distribution of water.

The YLMI wiring harness project is expected to generate $30.8 million in annual export sales to Japan.

YLMI is a wholly-owned subsidiary of Yazaki-Torres Manufacturing Inc.