Dutch company Head to put up P1.12B factory to make tennis balls in PH

Dutch company Head to put up P1.12B factory to make tennis balls in PH

Duterte Economic Team is already busy thinking of how to revive the economy again after the onslaught of the coronavirus pandemic.

Trade Undersecretary Ceferino Rodolfo reports that seven foreign companies with businesses in China have diversified their operations in the Philippines.

These companies registered their projects with investment promotion agencies (IPAs) attached with the Department of Trade and Industry (DTI), the Board of Investments (BOI), and the Philippine Economic Zone Authority (PEZA) from 2018 to February 2020.

Trade Undersecretary Ceferino Rodolfo
(photo credit to owner)

Their investments reached PHP1.6 billion, said Rodolfo.

One of the biggest investments is from the Dutch company Head Groupamounting to PHP1.12 billion for manufacturing of tennis ball.

5 companies from Taiwan with combined investments of PHP444.63 million. Their projects involve manufacturing and exporting marine accessories, internet accessories, parts and equipment, audio appliances, health products and luggage.

The seventh company is the American firm Ever Win International Corp. invested PHP21.4 million for manufacturing of consumer electronics.

The Trade Undersecretary explains that the Philippines has positioned itself as a complementary host country for investments of companies that have operations in China, particularly in the manufacturing industry.

He also reports that multinational companies with big businesses in China have been diversifying their investments out side the Asian giant.

He also adds that these firms have been already relocating and diversifying outside the East Asian giant even before the onset of the novel coronavirus 2019 disease or COVID-19 pandemic due to the ongoing trade tension between China and the United States. 

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Report from PNA

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