A still-unnamed Taiwanese technology company is putting an initial $1 billion into a manufacturing facility in New Clark City, Tarlac, positioning it to become one of the hub’s biggest locators, Inquirer reported.
The firm will take 30 hectares, plans to reserve 60 more, and will start hiring engineers in October.
Deal Signed, Payment Made
Bases Conversion and Development Authority (BCDA) President and CEO Joshua Bingcang said the company has already signed an agreement and made an advance payment, according to Inquirer.
“It’s a billion dollar investment that will bring in billions of dollars in exports,” Bingcang said.
The firm will initially occupy 30 ha inside the Filinvest Innovation Park and has said it intends to reserve another 60 ha for future expansion, Inquirer reported.
Manila Bulletin said the company plans an advanced manufacturing facility there.
The 288-ha park is a joint venture between Filinvest Land Inc. and BCDA.
Among the First 99-Year Leases
Bingcang said the project is among the first approved under the amended Investors’ Lease Act, which now lets foreign investors lease private land for up to 99 years, up from 75, Inquirer reported.
Bingcang declined to name the investor for now, describing it only as a technology company already expanding its Philippine footprint.
According to Manila Bulletin, the company’s identity will be made public once it signs a registration agreement with the Philippine Economic Zone Authority (PEZA), which would make it eligible for government incentives.
“This is what we need to shore up our manufacturing base,” Bingcang said, according to Inquirer.
Jobs and Training in Taiwan
The company will begin hiring mechanical and industrial engineers in October and will send recruits to Taiwan for training, Inquirer reported.
The engineers are expected to return once machinery arrives early next year, to help set up the equipment and the factory production line.
The sources did not give a total headcount.
More Countries Eyeing Clark
Bingcang said three other countries have shown interest in building similar industrial developments in New Clark City.
South Korea is interested in leasing at least 250 ha, while Singapore is eyeing 300 ha, Inquirer reported.
Manila Bulletin said another Taiwanese company also wants to develop an industrial park of similar scale.
The Taiwanese locator is separate from the planned 1,619-ha Clark Advanced Manufacturing Park (CAMP), which is being developed mainly through Philippine-US cooperation under the Pax Silica framework.
Manila Bulletin reported that BCDA’s “wishlist” for CAMP includes Apple, Intel, Nvidia, Taiwan Semiconductor Manufacturing Co. and Qualcomm.
The BCDA is also working with Science Park of the Philippines Inc. on a 106-ha industrial park in New Clark City, which is expected to draw at least P30 billion in investments and create around 30,000 jobs, according to Manila Bulletin.
Why It Matters
A $1-billion anchor investment, with engineers trained abroad and brought home to run the line, is the kind of high-tech manufacturing bet the BCDA has been courting for New Clark City.
The next milestone is PEZA registration, when the company’s name is expected to be revealed.
