MANILA, Philippines - Science Park of the Philippines, Inc. (SPPI) is spending P4 billion to develop Light Industry and Science Park IV, a new industrial estate in Batangas amid demand from foreign firms for spaces for manufacturing facilities.
“We are developing the latest site in Malvar, Batangas in response to demand from foreign firms,†SPPI chairman and chief executive officer Guillermo Luchangco said in a press conference yesterday.
He said they have received interest from foreign firms engaged in electronics, as well as the automotive sectors, to invest in manufacturing operations here.
The 200-hectare industrial park is alongside the Southern Tagalog Arterial Road (STAR) expressway that links to Makati and Metro Manila to the Batangas International Port.
The industrial park would be complemented by a 60-hectare residential and commercial area.
Luchangco said SPPI expects to complete the development of the industrial park in two and a half years.
The development of the residential and commercial area though, he said, may take a longer time to complete.
The firm intends to fund the development of the industrial estate through internally generated funds and loans from banks.
The Light Industry and Science Park IV is the fourth industrial estate being developed by SPPI.
The firm has already developed industrial parks in Cabuyao and Calamba in Laguna as well as in Sto. Tomas in Batangas.
The development of the new industrial park comes as many foreign firms have expressed interest to bring their manufacturing operations here.
Many foreign firms are looking to set-up manufacturing facilities here given the country’s positive economic performance as well as skilled and English-speaking workforce.
As of the first-half, 850 foreign companies part of in-bound missions have visited the country.
In 2012, a total of 1,765 foreign companies came to the country to check out investment opportunities.
Trade Secretary Gregory Domingo said that as many manufacturing plants are being constructed, the sector is expected to continue to grow.
In the first-half, the manufacturing sector grew 9.9 percent, almost double the 5.1 percent growth in the same period last year.
“This is not a fluke. There are many manufacturing plants being constructed. As these plants open, it will continue to boost our manufacturing numbers,†Domingo said.