MANILA – Maxiflex Philippines Corp., the manufacturer of mattress brand Uratex, has invested PHP560.4 million for its facility in Plaridel, Bulacan to boost its mattress exports.
In a statement Thursday, the Board of Investments (BOI) said it approved Maxiflex’s registration under the 2022 Strategic Investment Priority Plan (SIPP).
With its fresh investment, the Bulacan plant is expected to produce 680,000 pieces of all-foam and spring mattresses annually, 79 percent of which will be exported to the United States, New Zealand, Papua New Guinea, and other Southeast Asian countries.
The company aims to increase its export sales to PHP2.1 billion per year with its plant running at full capacity.
“This 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. Uratex has long been known in the Philippines as it is the leading manufacturer of mattresses. The exports of its Maxiflex product around the globe will provide greater traction and awareness for Uratex as a world-class brand,” Trade Undersecretary and BOI Managing Head Ceferino Rodolfo said.
The new facility will commence its operation next month.
Citing data from Tradeline Philippines, the country’s mattress exports in 2021 amounted to USD102 million.
Top destinations for Philippine-made mattresses last year were the Netherlands at USD58 million, US at USD35.4 million, and Japan at USD8.1 million.
Meanwhile, demand for mattresses in the domestic market is also strong at USD41 million over PHP2 billion this year, Statista.com said.
Annual growth of the local mattress market is at 9.45 percent with the market reaching to USD60 million or around PHP3.4 billion by 2026. (PNA)