Local firearms manufacturer Armscor Global Defense Inc. (AGDI) bares plans to establish a new manufacturing facility in Rizal possibly in the next two years. INQUIRER FILES
Local firearms manufacturer Armscor Global Defense Inc. (AGDI) said it has plans to establish a new manufacturing facility in Rizal possibly in the next two years.
This venture would involve an investment of about $75 million, according to the firm’s top official.
AGDI chairman, president, and chief executive officer Martin Tuason told the Inquirer last week that the location will be in Baras, and that this expansion is being driven by the strong demand for their products, which, he said, provide security to their clients.
“There’s war between Ukraine and Israel. There are 51 conflicts going on around the world right now. So, there is a need to expand on our capabilities, our self-reliance,” Tuason said on the sidelines of the launch of their new product line at their Marikina facility.
He added that they export the firearms they manufacture in Marikina to over 60 countries, with their biggest market being the United States.
For their Philippine retail market, the AGDI executive said that they expect revenues to hit P2 billion this year, highlighting the scale of the demand for their products in the local market.
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He also cited the potential growth trend for their market in the coming years, noting that there are an estimated 1.5 million registered gun owners today in the Philippines.
“Here, think that we’ll probably be looking at 3 million, 4 million, 7 million, 10 million over the next 20 years,” he said during the same interview.
He said they are also looking forward to the completion of ongoing amendments of Republic No. 10591, otherwise known as the Comprehensive Firearms and Ammunition Regulation Act.
During a Senate hearing last month, a local trade association of firearms and ammunition makers appealed to lawmakers for help in improving the process of obtaining a manufacturer’s license, citing inefficiencies that are presenting challenges to their industry.
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Firearms and Ammunition Manufacturers Association of the Philippines president Gina Marie Angangco, who is also the company’s senior executive vice president, narrated the long-winded and tedious process of securing the said license.
“Currently it is a very long, long process. It goes all the way from the (firearms and explosives office) all the way to the office of the (Philippine National Police) chief. And you know that involves a lot of steps,” Angangco said during the Senate hearing back in August.
Meanwhile, AGDI chief operating officer Felino Neri said the company is also increasing the number of their stores this year.
Neri said they currently have gun stores in Marikina, Tarlac, La Union, Cebu, and Davao, and that they will have a soft launch of another outlet in Iloilo possibly by November or some other time before the end of the year.