Thai-Based Electronics Firm Relocating Here With Initial $100-M Investment
By BERNIE CAHILES-MAGKILAT
April 18, 2012, 4:51pm
MANILA, Philippines — A Thai-based multinational electronics firm is relocating its operations into the country bringing in initial investment of $100 million for the production of integrated circuits and to employ 3,000 people.
“They were affected by the Thai flooding and have decided to move here,” said an official, who identified Trade and Industry Undersecretary Cristino L. Panlilio as having the one who arranged for the entry of this investor.
The Thai-based MNC will particularly assemble computer motherboards. The company is owned by various Asian interests including, Malaysian, Taiwanese and Singaporean.
The company has already decided to register with the Philippine Economic Zone Authority (PEZA) to locate in one of the agency’s economic zones.
Electronics is the country’s biggest export. Last year, the Philippine electronics industry accounted for more than $ 24 billion of exports or more than half of the total Philippine exports.
Industry investments also hit $2.4 billion and direct employment of 530,000 engineers, technicians and operators.
Based on a study, for every one direct jobs, there are 7 jobs created, hence more than 4 million Filipinos are benefiting from this industry. Electronics is the biggest export industry of the country.