The Board of Investments (BOI) on Wednesday said Swiss firms have committed to invest $24.7 million during the trade mission in Switzerland earlier this month, fueling this year’s early wave of investments flows into the country.
In a statement, the investment promotion agency said this was the initial figure generated from the business meetings that it had arranged with the Philippine Trade Investment Center in Geneva, Bern and Zug, Switzerland earlier this month.
“Things are looking up for the Philippines as more Swiss firms have expressed their interest in investing in the country during the investment mission to Switzerland,” said Trade Undersecretary and BOI head Ceferino Rodolfo, who had met with company executives from Swiss firms Glencore, Naturloop, OVD Kinegram and Sateco AG during the trade mission.
Rodolfo said these investments have a job generation potential for 475 professionals.
The BOI said that Sateco AG, a manufacturer of high-precision silicone keypads and silicone sensors, committed to invest $9.7 million (P530.5 million) for a state-of-the-art, high-performance production facility at the Teco Industrial Park in Pampanga. This will comprise two stages, with the full implementation eyed in 2024.
On the other hand, the BOI said that NaturLoop was planning to launch a $15-million Cocoboard factory in the Philippines by 2026.
A supply chain for coconut husks in the Quezon province with local partners, including ProSource International Inc. and Quezon Federation and Union of Cooperatives, is currently being developed, according to the BOI.