Expanded Tamiya plant opens in Cebu ecozone
MANILA -Japanese manufacturer of plastic model kits, Tamiya Corp., has opened its newly expanded facility in Cebu that cost nearly P1 billion to build, with P26 million worth of export products seen being produced in the plant every year, the Philippine Economic Zone Authority (Peza) said on Monday.
The Peza said that the Japanese firm has invested P933.84 million for the manufacturing facility of its local unit, Tamiya Philippines Inc., at the Cebu Light Industrial Park, which opened last week.
“Tamiya’s expansion is a strong testament to its continuing trust and confidence in the Philippines, and to the great skills and attitude of the Filipino workforce. It likewise represents the continued commitment of Japanese companies to the Philippines as their best bet for operations,” Tereso Panga, director general of Peza, said in a statement.
Panga said the company has invested more than P2 billion in its local facilities, employing more than 900 people and produces $24 million in annual exports.
The Peza official said that this latest expansion is a strong testament to Tamiya’s continuing trust and confidence in the Philippines, and to the great skills and attitude of the Filipino workforce.
Japan’s Peza presence
He added there are 877 Japanese companies in Peza’s economic zones, which have invested a total of P766.5 billion as of June 2023.
Article continues after this advertisementREAD: Peza secures more Japanese investments
Article continues after this advertisementThese Japanese companies, according to Panga, have produced $6.4 billion exports from January to May this year.
Last month, the Peza said it has secured P10 billion worth of new investment commitments from Japan, marking what could be a fresh wave of capital for the local manufacturing industry from the East Asian country.
The investment promotion agency said these investment commitments resulted from the five-day trade mission in Japan on Aug. 28 to Sept. 2.
The largest of these is a P7.2-billion investment commitment from electronics company TDK Corporation, which is looking to have its first expansion beginning 2023 until 2026.
The next biggest investment commitments are the P1.6-billion expansion plan of materials and electronics firm Taiyo Yuden, as well as the P1-billion commitment that will each come from medical device company Terumo Corporation and plating machine manufacturer Almex Technologies. INQ
