THE Board of Investments (BoI) said the Philippine Bioplastics Industry Roadmap is expected to be completed by the fourth quarter.
According to the BoI, the roadmap is one of the outputs of a zero-waste initiative known as “Building Plastic Circularity through Biodegradable Plastic to Ensure Zero Waste in the Philippines.”
The Philippines’ partners in the project are the Global Green Growth Institute and the Korea Export-Import Bank.
On Tuesday, the BoI announced that it led an eight-member Philippine delegation on a five-day industry familiarization activity in South Korea to gather input for drafting the roadmap.
The delegation was joined by representatives from the Department of Science and Technology, the Climate Change Commission, the Philippine Plastics Industry Association, Inc. (PPIA), the Philippine Alliance for Recycling and Materials Sustainability (PARMS), and the Sustainable and Compostable Horizons Industry Group, Inc.
The BoI said that bioplastics applications in South Korea include fishing nets and gear, packaging, single-use plastics, textiles, and other uses.
“This industry benchmarking and capacity-building activity included lectures on bioplastics testing, certification labeling, and research and development (R&D) strategy,” it added.
During the visit, the delegation visited the KTR testing laboratory and the KRICT biodegradable R&D facility to hear presentations on best practices and policy options.
The visit also led to a discussion with Cheil Jedang (CJ), which has made overseas investments in Indonesia to make the biopolymer PBAT (polybutylene adipate terephthalate).
“This activity allowed the BoI to develop strategies for positioning the Philippines as an attractive destination for future investments from not only CJ but also other major Korean companies like LG Chem, SK Chemical, and Lotte Chem, which are actively engaged in biopolymer and bioplastic manufacturing,” it said.
“Additionally, both PARMS and PPIA have pledged their proactive support for the strategic application of bioplastics in the Philippines,” it added.
Quoting Ministry of Economy and Finance Director General Taekon Kim, the BoI said that South Korea is closely monitoring Southeast Asia for potential investment partnerships in bioplastics.
“He noted the region’s comparative advantages in biomass and feedstock production, as well as the growing demand for bioplastics,” it added. — Justine Irish D. Tabile
