MANILA -Chinese electronics firm Shenzhen Grandsun Electronic Co. Ltd. is looking to open two more factories in the Philippines, expanding its nearly P3 billion-footprint in the country by scaling up its production output to fill the demand from American and European markets.
The Board of Investments (BOI) on Tuesday said the Philippine unit of the Guangdong-based company, Grandsun Advanced Electronics Philippines Co. Inc. (GAEPCI), would build these two factories by 2025, while its four audio device production plants would be completed by the end of this year.
It also said that the company expects to have 1,000 local employees by the end of 2023, with the bigger goal of providing a total of 8,000 jobs by 2028.
GAEPCI kickstarted local production in its facility at the LIMA (Lipa-Malvar) Technology Center-Special Economic Zone (SEZ) during the pandemic, producing the company’s headphone brand.
The expansion plan was announced by Shenzhen Grandsun chair and founder Charles Wu during a meeting with Trade Undersecretary and BOI chief Ceferino Rodolfo, who was recently in Zhaoqing City on a trade mission.
Rodolfo said that the “complementarity” of Shenzhen Grandsun in the Philippines is a good model for other possible Chinese locators to the Philippines.
The trade official said that the top Chinese OEM (original equipment manufacturer) and original brand manufacturer were able to work with Filipino talent to meet the growing global demand.
The BOI, the Department of Trade and Industry’s lead investment promotion agency, is targeting P1.5 trillion worth of investment approvals this year. INQ