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Maxiflex Philippines Corp., the company that makes mattresses under the brand Uratex, invested PHP560.4 million in its Plaridel, Bulacan factory to increase its exports of mattresses.

On Thursday, the Board of Investments (BOI) announced that it had authorized Maxiflex’s registration under the 2022 Strategic Investment Priority Plan (SIPP).

The Bulacan plant will now be able to make 680,000 all-foam and spring mattresses yearly, 79% of which will be sent to the US, New Zealand, Papua New Guinea, and other Southeast Asian nations.

With its plant operating at full capacity, the company wants to expand its export sales to PHP 2.1 billion annually.

“Since Uratex will produce primarily for export markets, ramping up our exports of high-value and high-quality goods will increase the global footprint of our locally produced mattresses. The main mattress maker in the Philippines, Uratex, has a long history of being well-known there. “Uratex will gain more traction and recognition as a world-class brand as a result of the exports of its Maxiflex product around the world,” said Ceferino Rodolfo, the BOI’s managing director and the undersecretary of trade.

The new facility will commence its operation next month.

According to data from Tradeline Philippines, the nation exported mattresses worth USD102 million in 2021.

The Netherlands, with USD 58 million in exports, the US, with USD 35.4 million, and Japan, with USD 8.1 million, were the top destinations for Philippine mattresses last year.

According to Statista.com, the demand for mattresses on the domestic market is similarly high, at USD41 million over PHP2 billion this year.

By 2026, the local mattress market will have grown by 9.45 percent annually, reaching USD60 million, or almost PHP3.4 billion.

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