Zolo Founder and CEO Franz Siasat
MANILA -Australia-based technology recycling firm Zolo said it plans to set up operations in the Philippines, marking its first foray into the country that it sees as a promising market for the company.
Franz Siasat, founder and chief executive officer of Zolo, told the Inquirer last week that they plan to put up a tech recycling facility in the province of Laguna by October or November.
“What I’ve discovered is that most companies when they get rid of their e-waste, they ship it overseas. So, if we do it here, we’ll be creating job opportunities for people here as well,” said the Zolo executive.
“So, the intention is to replicate our operations in Australia in terms of our processes in data security, sustainability,” he added.
The Zolo executive said they also plan to register with the Philippine Economic Zone Authority, the government investment promotion agency, which provides incentives such as tax holidays for registered businesses.
Siasat said the Philippines was the first country in their expansion plans, but they are already looking to eventually set up operations in New Zealand.
With the growing shift among businesses towards sustainability, Siasat said they expect this market to grow even further.
“The beauty behind this industry is we recycle all tech. All businesses rely on tech. They need to get rid of it, they need to buy new ones. So, it’s a cycle,” he said, estimating that they have a projected annual gross revenue of about $600,000 per year.
“Our approach is that 2e operate on a circular economy model. We refurbish tech and give it new life and then we re-introduce it in the second-hand market. Anything not worth refurbishing, our guys will dismantle and send the materials to our recycling partners,” he added.