Taiwanese firms to put up businesses in Clark
Two Taiwanese manufacturing companies have made initial investments of about P208 million, or US$5 million, each into the at the Clark Freeport Zone, north of Manila, said the Manila Economic and Cultural Office (MECO), which represents the Philippines in Taiwan.
Multi-Tek Fasteners & Parts Manufacturer Corp. and Fwu Kuang Enterprises Co. Ltd. accounted for two of the biggest projects that the Taiwanese committed to put up in the Philippines last year, the MECO said. It said total investment inflows from Taiwan in 2007 reached US$782.3 million
Maria Isabel Golamco, MECO director for information services, told reporters that Taiwanese companies last year committed to put up 17 projects in the Philippines, including projects in the manufacture of machinery parts and components, mining, power generation, construction, healthcare, and shrimp production.
In a statement, MECO managing director Antonio Basilio said the Taiwanese companies were planning to increase investments and expand operations in the Philippines and to step up recruitment to match the expansion plans.
The Multi-Tek Fasteners & Parts project in Clark will be worth $30 million and will need a workforce of up to 1,000 people, including 300 to be hired in the first year of operations, the MECO said.
Fwu Kuang’s project is in the manufacture of socket head cap screws. Its total cost is estimated at $10 million in the first three years of operations, the MECO said.
The biggest project from Taiwan last year was the previously announced plan of Formosa Heavy Industries for coal-fired power plants in the southern provinces of Cebu and Iloilo, worth a total of $700 million.
Under a joint venture agreement with Global Business Power Corp., a unit of Metropolitan Bank and Trust Co., Formosa Heavy Industrres will build a 246-megawatt plant in Toledo City in Cebu and a 140-megawatt plant in La Paz, Iloilo.
Taiwan’s Mega-Tsung Mining Corp. will invest an initial $6 million in a project in Paracale town in the southeastern province of Camarines Sur.
Mega-Tsung is expected to double the investment in three years and hire up to 500 workers.
Other projects from Taiwan include Tong Lung Metal Industry Corp.’s $12-million expansion at the Subic Bay Freeport; Mei Tail Luggage Inc., $3.55 million; Taiwan Resibon Abrasive Products Co. Ltd., $2-million expansion; and Eva Care group’s $2-million, 100-seat call center for hospital administration, customer service and human resource management. Edited by INQUIRER.net By Ronnel Domingo - Philippine Daily Inquirer
Multi-Tek Fasteners & Parts Manufacturer Corp. and Fwu Kuang Enterprises Co. Ltd. accounted for two of the biggest projects that the Taiwanese committed to put up in the Philippines last year, the MECO said. It said total investment inflows from Taiwan in 2007 reached US$782.3 million
Maria Isabel Golamco, MECO director for information services, told reporters that Taiwanese companies last year committed to put up 17 projects in the Philippines, including projects in the manufacture of machinery parts and components, mining, power generation, construction, healthcare, and shrimp production.
In a statement, MECO managing director Antonio Basilio said the Taiwanese companies were planning to increase investments and expand operations in the Philippines and to step up recruitment to match the expansion plans.
The Multi-Tek Fasteners & Parts project in Clark will be worth $30 million and will need a workforce of up to 1,000 people, including 300 to be hired in the first year of operations, the MECO said.
Fwu Kuang’s project is in the manufacture of socket head cap screws. Its total cost is estimated at $10 million in the first three years of operations, the MECO said.
The biggest project from Taiwan last year was the previously announced plan of Formosa Heavy Industries for coal-fired power plants in the southern provinces of Cebu and Iloilo, worth a total of $700 million.
Under a joint venture agreement with Global Business Power Corp., a unit of Metropolitan Bank and Trust Co., Formosa Heavy Industrres will build a 246-megawatt plant in Toledo City in Cebu and a 140-megawatt plant in La Paz, Iloilo.
Taiwan’s Mega-Tsung Mining Corp. will invest an initial $6 million in a project in Paracale town in the southeastern province of Camarines Sur.
Mega-Tsung is expected to double the investment in three years and hire up to 500 workers.
Other projects from Taiwan include Tong Lung Metal Industry Corp.’s $12-million expansion at the Subic Bay Freeport; Mei Tail Luggage Inc., $3.55 million; Taiwan Resibon Abrasive Products Co. Ltd., $2-million expansion; and Eva Care group’s $2-million, 100-seat call center for hospital administration, customer service and human resource management. Edited by INQUIRER.net By Ronnel Domingo - Philippine Daily Inquirer
Labels: clark, investment, MECO, taiwan
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