By Louella D. Desiderio (The
Philippine Star) | Updated September 28, 2013 - 12:00am
MANILA, Philippines - Science Park of
the Philippines, Inc. (SPPI) is spending P4 billion to develop Light Industry
and Science Park IV, a new industrial estate in Batangas amid demand from
foreign firms for spaces for manufacturing facilities.
“We are developing the latest site in
Malvar, Batangas in response to demand from foreign firms,” SPPI chairman and
chief executive officer Guillermo Luchangco said in a press conference
yesterday.
He said they have received interest
from foreign firms engaged in electronics, as well as the automotive sectors,
to invest in manufacturing operations here.
The 200-hectare industrial park is
alongside the Southern Tagalog Arterial Road (STAR) expressway that links to
Makati and Metro Manila to the Batangas International Port.
The industrial park would be
complemented by a 60-hectare residential and commercial area.
Luchangco said SPPI expects to
complete the development of the industrial park in two and a half years.
The development of the residential and
commercial area though, he said, may take a longer time to complete.
The firm intends to fund the
development of the industrial estate through internally generated funds and
loans from banks.
The Light Industry and Science Park IV
is the fourth industrial estate being developed by SPPI.
The firm has already developed
industrial parks in Cabuyao and Calamba in Laguna as well as in Sto. Tomas in
Batangas.
The development of the new industrial
park comes as many foreign firms have expressed interest to bring their
manufacturing operations here.
Many foreign firms are looking to
set-up manufacturing facilities here given the country’s positive economic
performance as well as skilled and English-speaking workforce.
As of the first-half, 850 foreign
companies part of in-bound missions have visited the country.
In 2012, a total of 1,765 foreign
companies came to the country to check out investment opportunities.
Trade Secretary Gregory Domingo said
that as many manufacturing plants are being constructed, the sector is expected
to continue to grow.
In the first-half, the manufacturing
sector grew 9.9 percent, almost double the 5.1 percent growth in the same
period last year.
“This is not a fluke. There are many
manufacturing plants being constructed. As these plants open, it will continue
to boost our manufacturing numbers,” Domingo said.
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