Leading Co. Ltd, a Japanese wiring firm, plans to set up a manufactory in Batangas. It is expected to generate $12 million in cable assembly for US export annually.
According to the Department of Trade and Industry (DTI), Leading aims to begin a Philippine subsidiary in the third quarter.
Leading, among other firms, are present during the online briefing with Lopez and other DTI officials that discussed the Corporate Recovery and Tax Incentives for Enterprises Act.
The DTI expects the recently signed law to allow the country to attract investments given changes in the incentives system.
“We welcome the expansion of Leading in the Philippines. This will generate both foreign currency for the country and create thousands of jobs for Filipinos,” Lopez said.
“More importantly, the company’s willingness to invest in the Philippines signals on the ground their confidence in the country’s strong fundamentals and as a top investment location in the world,” he said.
Aside from Leading, Sumitomo Wiring Systems, Ltd. and Yokowo Co. Ltd announced that they invested in new factories in Pangasinan and Bataan respectively; and three more Japanese wiring companies are investing a combined P10.5 billion: expecting to create 18,650 more job opportunities.
With additional report: Philippine Star, Louella Desiderio
Image sources: lamudi.com.ph, leaden.co.jp
