Uratex Set to Receive Fiscal Incentives for Mattress Exports

Recently, the Board of Investments (BOI) approved Maxiflec Philippines Corp’s application as a new mattress export producer under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law in its 2022 Strategic Investment Priority Plan (SIPP).

“The homegrown company, Uratex, (a member of the RGC Group of Companies), will invest P560.4 million in a manufacturing plant located in Plaridel, Bulacan, with an annual production capacity of up to 680,000 pieces of all-foam and spring mattresses,” said the BOI.

BOI also says that Uratex is posed to begin its commercial operations next month. The agency also says that Uratex is looking to export an estimated 79% of its products to other ASEAN countries, Papua New Guinea, New Zealand, and the United States.

With its 100% capacity, the company’s export sales will hit ₱2.1 billion per year according to BOI.

Trade Undersecretary and BOI Managing Head Ceferino Rodolfo  says that “(The project) will provide a boost to the international footprint of our locally-produced mattresses since a great majority of Uratex’s production will cater to foreign markets, leveling up our exports of high-value and high-quality products,”

“The exports of its Maxiflex product around the globe will provide greater traction and awareness for Uratex as a world-class brand,” he adds.

BOI mentions that the new plant will make different foam and spring materials to make innovative products that will provide their customers with “a very comfortable sleep.”

The facility is also set to hold equipment like bedding and mattress testing machines that could conduct performance and durability tests.

Source: Business Mirror