TAIWAN electronics firm New Kinpo said it is investing another $31 million for its new factory in the Philippines which is set to open by March and which is expected to create up to 6,000 jobs.
New Kinpo chief executive officer Simon Shen said the new factory will become its main production base for consumer electronics products such as calculators and electronic keyboards for a known Japanese brand.
Last year, New Kinpo invested $31.5 million or P1.4 billion to set up the new factory in Batangas which will be operated by its subsidiary, Kinpo Electronics Inc.
Kinpo announced that it intends to invest another $31 million for the factory’s expansion this year which is expected to generate 4,000 to 6,000 new jobs.
With these new investments, the company expects to contribute around 10 percent to 30 percent of New Kinpo’s total revenue this year.
“We are continuously bringing to fruition government’s efforts to boost Philippine economic relations with Taiwan as we welcome more inbound trade missions from Taiwan and enable businesses like New Kinpo to flourish in the Philippines,” Department of Trade and Industry (DTI) Undersecretary Ponciano Manalo Jr. said.
With the growth of companies like Kinpo Electronics Group in the Philippines, Manalo noted that the country takes part in Taiwan’s progress as a major supply chain source of industries in the region.
Taiwan is currently one of the Philippine’s top trading partners and investment sources.
Through the assistance of the DTI, the Philippine Trade and Investment Center in Taipei and the Philippine Economic Zone Authority (PEZA), Kinpo Electronics Group has been able to set up and operate factories in the Philippines.
The group’s previous investments in the Philippines include its subsidiaries such as AcBel Polytech Inc. for the manufacture of light-emitting diode (LED) lighting and smart grid solutions, and CalComp Electronics and Communications Co. for the production of handsets, printers, and Liquid-crystal-display televisions (LCD TV).
Kinpo Electronics Group is a leading global original design manufacturer (ODM) and electronics manufacturing services (EMS) partner. At present, the group has a total of 96,000 employees worldwide and has 23 subsidiaries, wherein seven are publicly listed corporations. New Kinpo is one of the major subsidiaries of Kinpo Group.
The group produces a wide range of consumer electronics products such calculators, printers, 3D printers, external hard disc drives, modems, and motherboards for brands like HP, Toshiba, Western Digital, and Casio.