Taiwan firm to put up P2.8-B facility in PH
Taiwanese electronics firm New Kinpo is investing about $61.5 million (or roughly P2.8 billion) to set up a production facility in Batangas, which will be able to create some 6,000 new job opportunities upon full completion.
In a statement issued by the Department of Trade and Industry, New Kinpo said it had started construction last year of a $31.5-million facility, which would be completed by the end of March this year.
The second tranche of its investment, worth some $31 million, will be used for the expansion of the same Batangas factory to be undertaken within the year.
With the new investment, the Philippine unit is expected to contribute 10-30 percent of the parent firm’s total revenue for 2015.
According to New Kinpo chief executive officer Simon Shen, the Batangas plant, to be operated by its local subsidiary, Kinpo Electronics Inc., will serve as the “main production base of consumer electronics products such as calculators and electronic keyboard for a known Japanese brand.”
New Kinpo is a subsidiary of the Kinpo Electronics Group, a leading global original design manufacturer (ODM) and electronics manufacturing services (EMS) partner.
At present, the group has total employees of 96,000 globally, and 23 subsidiaries, seven of which are publicly listed.
The group produces a wide range of consumer electronics products such calculators, printers, 3D printers, external hard disc drives, modems, and motherboards for brands like HP, Toshiba, Western Digital, and Casio.
“We are continuously bringing to fruition government’s efforts to boost Philippine economic relations with Taiwan as we welcome more inbound trade missions from Taiwan and enable businesses like New Kinpo to flourish in the Philippines,” noted Trade Undersecretary Ponciano C. Manalo Jr.
With the growth of companies like the Kinpo Electronics Group in the Philippines, Manalo said the country would be taking part in Taiwan’s progress as a major supply chain source of industries in the region. Taiwan is currently one of the Philippine’s top trading partners and investment sources.
The group, through subsidiary AcBel Polytech Inc., manufactures light-emitting diode (LED) lighting and smart grid solutions in the Philippines. Another Philippine subsidiary, CalComp Electronics and Communications Co., produces handsets, printers and Liquid-crystal-display televisions (LCD TV).
