Another foreign firm that expressed its investment commitment to President Ferdinand R. Marcos Jr. during his official trip to Japan has delivered its pledge.
On Monday, Yokohama Tire Philippines, Inc. (YTPI) started the construction of its PHP3.5-billion manufacturing plant at Clark Freeport Zone in Pampanga.
The expansion will increase YTPI’s production capacity by 5 percent, or an additional 500,000 tires annually.
YTPI, which is the country’s lone tire manufacturer, is currently producing 10 million tires a year.
Ninety-four percent of its output will be for exports and the rest for the local market.
The new plant will also create additional 500 jobs for Filipinos.
“The Philippine government, under the leadership of President Marcos Jr. and its vision of Bagong Pilipinas (New Philippines), is committed to supporting foreign investors like YTPI,” Department of Trade and Industry (DTI) Secretary Alfredo Pascual said during the company’s groundbreaking ceremony Monday.
Pascual met executives of Yokohama Rubber Company Ltd., YTPI’s parent company, during the Philippine Economic Briefing in Tokyo last month.
He said that with the Japanese manufacturer’s expansion in the country, DTI aims to increase the company’s rubber sourcing from the current 51 percent to 100 percent.
DTI said it means an annual domestic sourcing of 30,000 metric tons of raw rubber valued around PHP1 billion, which will be an additional income for local farmers.
Pascual added that YTPI’s expansion in the country, highlights the benefits of the trilateral partnership of the Philippines, United States and Japan.
The partnership is also establishing the Luzon Economic Corridor, which covers the Clark Freeport Zone, to attract investments from the US and Japan as well as other countries. (PNA)
