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Nine foreign companies have relocated from China and invested P3.2 billion worth of projects in the Philippines since 2019, Trade Secretary Ramon Lopez said Thursday.
“There were [several] investments from the Netherlands, Taiwan, US and China. These are mostly manufacturing investments like factories for tennis balls, traveling bags and internet accessories like audio gears,” Lopez told participants of the 2020 Philippine Business Conference and Expo.
He said of the nine investment projects, six are Taiwanese manufacturing companies engaged in the production of luggage, power cords, marine accessories, internet accessories/parts and equipment, audio appliances and health products.
Others were a Dutch tennis ball manufacturer, a US electronics maker and a Chinese automotive bearing producer.
Lopez said the actual investments were among the 44 investment leads that the DTI pursued since 2019.
The DTI is following 14 investment leads with relocation and/or diversification plans for 2020.
A Chinese company producing LED lights and electronic toys is looking for a relocation site in the ASEAN, while five Japanese companies plan to expand overseas and look at the Philippines as a potential expansion site for their products that include imaging equipment/printers, wiring harness, electronic parts/components and motorcycle assembly parts.
Five Taiwanese firms which produce electronics parts/components, optical devices, tool bags, original design manufacturer of consumer electronics, imaging equipment and power supply products are also considering the Philippines for their expansion, according to the department.
Other potential investors are an Australian manufacturing company for PPEs, one Korean company producing wiring harness for automotive parts and a UK company subcontracting exports for satellite receivers.
“There are countries where some of the investors are still keen to continue their investment plans amid the pandemic. They can bring in new jobs and these are job opportunities for our people,” Lopez said.
The 2020 PBC is a two-day virtual conference organized by the Philippine Chamber of Commerce and Industry with the theme focusing on innovation.