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The Manila Economic and Cultural Office has reported that Taiwanese
firms plan to increase their investments in the Philippines and step
up recruitment for their labor pools to match their expansion
thrusts.
Taiwan investments in the Philippines totaled
$782.3 million last year.
Antonio Basilio, MECO managing director and
resident representative, said “these investments further boost
[our] economy and help generate more jobs locally.”
Basilio said one of Taiwan’s biggest
investment projects here is the Multi-Tek Fasteners & Parts
Manufacturer Corp. at the Clark Free Port Zone, with a start-up
investment of $5 million and 300 workers in its first year of
operations.
“Within five years, Multi-Tek will invest a
total of $30 million and require a labor pool of 800 to 1,000
workers,” said Basilio.
He said another big investor is Mega-Tsung
Mining Corporation in Paracale, Camarines Sur, whose estimated
project cost for the first year is $6 million, with a labor pool of
300 to 500.
“Investments will ramp up to $12 million in
its third year of operations,” Basilio said.
The company Fwu Kuang Enterprises Co., Ltd at
the Clark Free Port Zone had an initial investment of $5 million,
said Basilio. “FKE, manufacturer of socket head cap screws, in
three years will expand and increase its investments to $10
million.”
Other Taiwanese investment projects include Tong
Lung Metal Industry Corporation at the Subic Bay Freeport. It
expanded its existing manufacturing plant in Subic to three hectares
with fresh investments of $12 million.
Meanwhile, Formosa Heavy Industries is investing
$700 million in two coal-fired power projects—the 246-megawatt
plant in Toledo, Cebu, and the 140-megawatt plant in La Paz, Iloilo
under a joint venture agreement with Global Business Power
Corporation.
-- Katrina Mennen A. Valdez
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