The Philippines has secured a new investment from another Japanese wiring harness manufacturer, the Department of Trade and Industry (DTI) bared Thursday.
In a statement, the DTI said Yokowo Co. Ltd. has chosen the Philippines, among other Southeast Asian nations, for its new manufacturing facility.
Yokowo will invest PHP230 million for the 3.7-hectare production plant at the Hermosa Ecozone Industrial Park in Bataan, which will be run by its local subsidiary, Yokowo Manufacturing of the Philippines, Inc.
The company targets to start its Philippine operations by April 2022, employing 800 workers.
The new plant will be manufacturing wiring harness and components and will also have assembly operations.
“The Philippines will play an important role in the company’s regional strategy for supply chain stratification that has always been responsive to expected increases in business volume and global expansion of major clientele,” Yokowo president and chief executive officer Yutaka Fujita said.
DTI Secretary Ramon Lopez has welcomed the new investment of the Japanese firm.
“Apart from generating more employment opportunities for Filipinos during this pandemic, Yokowo’s expansion project in the country also supports our innovation and technology-driven thrust in DTI as well as increases market competitiveness in our wiring industry,” Lopez said.
Just last month, Japanese wiring system manufacturer Sumitomo started the construction of its production facility in North Luzon Aero Industrial Park in Binalonan, Pangasinan.
Source: Philippines News Agency