More companies from Japan, Korea, Europe and the United States are reportedly considering investing in the local electronics industry mainly in view of the favorable investment climate in the country.
Francisco Ferrer, a trustee representing the said sector at the Philippine Export Confederation Inc. (Philexport), said certain Japanese firms had already started constructing their manufacturing facilities here.
The larger companies are expected to spend about $300 million for their facilities, while investments of smaller firms can range from $5 million to $10 million, Ferrer said in a Philexport statement.
He did not, however, identify the said investors.
“Many have already invested. In fact, (business locations) are already running out in the Calabarzon region (Cavite, Laguna, Batangas, Rizal, Quezon). Some have immediately started (operations),” Ferrer said.
These new investments, he said were expected to generate 200,000 new jobs this year alone, out of which 50,000 had already been created.
He further said there were “a dozen of small Japanese and Korean firms who are also coming. More big investors are likewise inquiring about possible locations in the country.”
“Some European countries have started having interests in the Philippines. That’s a good sign they are coming here to put up (businesses). The same with the US companies, their investments are not only in electronics but also in other fields like tourism,” Ferrer said.
The increasing interest of foreign companies in the Philippines can be attributed partly to the various aggressive investment promotion programs being undertaken by the government, according to Ferrer.
The country, as an investment destination, is also seen benefiting from the rising cost in China and the increasing wages in Thailand.