A joint venture between the Aboitiz Group and Tsuneishi Holdings Inc. of Japan is expanding its industrial park in Cebu, a move that is projected to create 5,000 new jobs in three years.
Cebu Industrial Park Developers Inc. (Cipdi) will expand its industrial estate by developing another 30 hectares of land that form part of its 540-hectare property in Balamban, Cebu.
The group did not disclose how much the expansion would cost.
In a statement, it said the expansion would allow for more industrial space, commercial centers, transport terminals and dormitories.
They expect the new locators to generate employment for 5,000 people in the community. Cipdi’s West Cebu Industrial Park (WCIP) currently has more than 14,000 skilled workers hired by 11 locators, some of which are the biggest shipbuilding firms in the world, making Balamban the shipbuilding capital of the Philippines.
The announcement comes at a time when the Philippines continues to struggle to contain the COVID-19 outbreak, which has dampened business and consumer confidence, while other countries in the region manage the health crisis better.
The Aboitiz Group said Cipdi had been in talks with several potential locators for the last few lots in WCIP’s existing inventory. It recently added Advanced Catamaran Composites, its third shipbuilding firm, which is targeting to start its operations in the first quarter of next year.