The Philippine Board of Investments (BOI) recently approved the application for registration of Holdsun Philippines, Inc. (HPI)’s P35.2 million footwear export project.
Approved by the BOI as a new export producer of footwear under the export activity of the current Investment Priorities Plan (IPP), HPI will produce 2.5 million pairs of footwear in its manufacturing facility in Antipolo City, Rizal and will annually source its imported raw materials from China and other Asian countries.
The company will export at least 50 percent of its production to established brands in Europe, especially in Italy, Germany and France.
Training of workers and trial-run operations are currently ongoing and commercial operations will start March 2017.
“Apart from the project’s big boost to the country’s footwear exports which we take pride for quality and craftsmanship, we see this project as a significant employment generator as workers for the manufacturing facility is expected grow by the double in just two years, providing more job opportunities for many,” said Trade Undersecretary and BOI Managing Head Ceferino Rodolfo.
Data from the Philippine Statistics Authority shows Philippine footwear exports reached US$48.9 million in 2016, a 47.6 percent growth from US$33.1 million in 2015 with sports and special use footwear dominating the country’s export output.