FPIP supports resurgence of manufacturing industry
In 2013, the Philippines was struck by Super Typhoon Haiyan, a category 5 tropical cyclone. Amid the devastation and destruction, the Philippine economy recorded a 7.2 per cent growth and was the second-fastest growing economy in Southeast Asia that year.
In 2013, the Philippines was struck by Super Typhoon Haiyan, a category 5 tropical cyclone. Amid the devastation and destruction, the Philippine economy recorded a 7.2 per cent growth and was the second-fastest growing economy in Southeast Asia that year.
Exhibiting remarkable resiliency, the Philippines is primed to continue its upward trajectory. First Philippine Industrial Park (FPIP), the country's leading industrial property, aims to be one of the catalysts that will further propel the country to greater global competitiveness.
A joint venture between First Philippine Holdings (FPH) Corp and Japan's Sumitomo Corp, International Organization for Standardization-certified FPIP is the owner, developer and manager of a 442-hectare industrial property in Santo Tomas, and Tanauan, Batangas province, for hi-tech and export-oriented industries.
"We want to help create more awareness about the resurgence of the vibrancy of the Philippines as an investment site, particularly in manufacturing, by providing a better place for investors to conduct business," says Edwin CoSeteng, FPIP president and FPH senior vice-president.
FPIP is home to a variety of multinational firms across many sectors. Canon Business Machines manufactures laserjet printers in the park. B/E Aerospace produces aircraft galleys and interior structure products. Included in the long list of locators are the Philippine subsidiaries of Japanese firms Honda, Shimano and Thermos, and Swiss conglomerate Nestle, and United States brands such as Philip Morris and Sunpower, among others.
Opening its doors to more companies, FPIP plans to acquire an additional 200 hectares of land within the next two years. Also in the pipeline is the development of a commercial area in the park. The company aims to make the park a livelier, more interesting place to work in.
Based on the needs of locators, FPIP provides ready-made or built-to-suit buildings. The park boasts typhoon-proof underground utilities to guarantee business continuity. FPIP's close proximity to two international ports, the Port of Batangas and the Port of Manila, provides a big advantage to its locators - shorter transport time, more flexibility, and greater mobility.
As a special economic zone, exporting FPIP locators can avail of government incentives such as income tax holidays for four to eight years, duty and value-added tax exemptions for import of equipment, wharf dues exemptions, and support for training and development expenses. Locators can also look forward to greater support as the Philippine government has proposed to allocate HK$41.43 billion for a manufacturing resurgence programme. The programme aims to strengthen the capacity of the local manufacturing sector and increase the competitiveness of industries.
"The Philippines offers a stable and viable base for manufacturing facilities. The government and the private sector are working together to provide a more attractive business home for investors," CoSeteng says.
http://www.fpip.com/index.asp
