An incentives program is being planned by the Department of Trade and Industry (DTI) to provide support for local manufacturers of small and medium sized vessels for domestic use.
It is currently being drafted in order to attract investors and boost local manufacturing that will be led by the DTI with the goal of providing incentives that are tailored depending on the needs of the industry.
Although it is still in its planning stage, DTI Secretary Ramon Lopez said that the support package is being seriously considered to further accelerate the development of the local shipbuilding industry, with Mindanao as one of the regions that will play an important role in the country’s shipbuilding plans.
DTI strongly believes that with good management and highly skilled human resource matched with capital, technology and global market opportunities, the Philippines is poised to become the largest shipbuilding nation within the next five to 10 years.
Filipino seafarers play a significant role in the industry as it comprises a bulk of the workforce. That is why it is no surprise that the government is planning to expand its contributions to the industry beyond providing personnel and maritime training in the Philippines. This time, industry leaders have set their sights on locally producing vessels and ships that will sail alongside other nations in the open waters.
And because a significant number of Filipino seafarers sail all over the world, it is no secret that the country has more than enough supply of skilled manpower for shipbuilding and repair. Add the fact that the Philippines has a vast shoreline, it is only natural that a blossoming shipping industry will be developed locally.