The announcement was made amid the firm’s commemoration of its 97th anniversary. UPS, whose assets is estimated at $30 billion, was founded in 1907 as a messenger company in the United States.
"The fresh investment underscores UPS’s commitment to helping our customers take advantage of growing intra-Asia trade, which is expected to be one of the fastest-growing in the world for years to come," said Aritake Hidenori, managing director of UPS in the Philippines.
UPS established its 2,300-square-meter hub here some two years ago. It now operates 16 fllights per day, serving largely firms in the Asia Pacific region with overnight express delivery services.
MergeGlobal, a logistics and trade strategy consulting firm, noted that the intra-Asia trade market is expected to grow at a rate of 16.8 percent annually through 2005. Recent studies by the Association of Southeast Asian Nations (ASEAN) project a seven-to-18 percent increase in air cargo traffic in Southeast Asia over the next 20 years.
Records showed that in the second quarter of 2004, UPS’s export volume from Asia increased by 17 percent compared to the same period last year.
"Our strong growth is an indication that companies are increasingly aware of the importance that a synchronized supply chain can have on their performance and growth," said Hidenori.
He said "UPS will continue to invest in the intra-Asia hub to better connect the cities within Asia and to the rest of the world through our extensive global air network. By expanding our capacity in the Philippines, we are well positioned to help local businesses navigate global commerce and gain a competitive edge."
Expansion of UPS’s facilities here is expected to be completed this December. UPS is reputed to be the world’s largest package delivery company and a global leader in supply chain services, offering an extensive range of options for synchronizing the movement of goods, information and funds. Headquartered in Atlanta, Ga., UPS serves more than 200 countries and territories worldwide. UPS’s stock trades on the New York Stock Exchange.
"UPS has come a long way since its inception in Asia in 1988, having transformed into a total supply chain solutions provider with global and intra-Asia reach to serve our customers’ needs," said Ken Torok, president of the UPS Asia Pacific.