Sanyo plant seen to boost dev't of 'W' corridor

SAN MIGUEL, Tarlac -- The Cojuangco-owned Luisita Industrial Park here remains at the forefront in the ongoing efforts of the Estrada administration to develop the Central Luzon Growth Corridor, now known as the "W" Growth Corridor," as an investment haven as it continues to attract global manufacturing companies, particularly those involved in electronics and other technology-related industries.

The newest entrant to the 120-hectare first phase of the Luisita industrial complex is the Sanyo Capacitor (Philippines) Corp. (SCPC), a P2.508-billion capacitor plant owned by Japan's Sanyo Electric Co. Ltd., that was inaugurated last week by President Estrada who reaffirmed his government's commitment to develop Central Luzon "in order for the Philippines to achieve its goal of becoming industrialized."

In a speech at the assembly hall of the SCPC, the sixth Sanyo subsidiary in the country, Estrada cited the Japanese conglomerate for its significant contributions to the Philippines' industrialization effort, saying the latest Sanyo investment is "evidence of the continued trust and confidence of foreign business in our strong economic fundamentals and adherence to democratic principles."

"It is also a recognition of the value and capability of the Filipino worker as a vital component in the growth and development of our industries in this age of globalization," added Estrada, who led a tree planting activity, the unveiling of the SCPC market, and the ribbon cutting rite to formally open the capacitor plant.

SCPC produces OSCON and POSCAP capacitors, Sanyo's latest technological inventions, which are the vital elements used in the manufacture of various multi-media products such as cellular phones, digital cameras and laptop computers. These capacitors are exported to Japan, the US, Europe and Asia.

Satoshi lue, chairman and chief executive officer of Sanyo Electric Co. Ltd., thanked President Estrada, Vice President Gloria Macapagal Arroyo, Senate President Franklin Drilon and Cabinet members led by Finance Secretary Jose Pardo for honoring the SCPC inauguration with their presence. lue also expressed his gratitude to former President Corazon C. Aquino for "helping us make the correct decision to locate SCPC in Tarlac."

Aquino, who on June 29, 1999 became the first Filipino to be named to the Sanyo board of directors, was present at the meeting to decide whether or not to locate the firm's capacitor plant outside Japan.

"We consider Tarlac our home away from home," said lue, who expects the SCPC to provide some 730 job opportunities for the people of the province. "We're very lucky because the National Government and the provincial government provided us all the help that allowed us to build and operate SCPC in a short time."

For his part, Japanese Ambassador to the Philippines Yoshihisa Ara confidently expressed that the establishment of SCPC would play a very important role in the further development of the economies of Japan and the Philippines, particularly in this period of boom in technology-related industries.

"The establishment of SCPC celebrates a step forward to a promising horizon of scientific and technological advancements where the capacitor plant can actively contribute," said Ara, who disclosed that the P2.508-billion SCPC investment was roughly equivalent to 20 percent of all Japanese direct investments in the Philippines in 1999.

"SCPC's operations in the Philippines also symbolize a very happy marriage between Filipino skills, eagerness and hospitality and Japanese high technology," he added.

Expressing his gratitude to Sanyo officials for their trust and confidence in the Philippines and the Filipino, Estrada made the assurance that his administration "will exhaust all efforts to ensure that your investments in the Philippines will be safe and profitable."

The President also thanked Mrs. Aquino for being instrumental in Sanyo's decision to locate SCPC in Tarlac and for her continuing efforts to invite foreign investors to the country.

"I deeply appreciate her initiatives to improve the lives of our fellowmen by going out of her way to invite foreign investors to set up business in the Philippines," Estrada said.