Sumitomo to expand Philippine industrial park
Sumitomo Corp has launched approximately 100 hectares expansion work of the First Philippine Industrial Park (FPIP) in the Philippines. FPIP is a joint venture project between Sumitomo Corporation and First Philippine Holdings Corporation (FPH). FPH is the core entity of the Lopez Group, a leading Philippine conglomerate listed in the Philippine Stock Exchange.
The First Philippine Industrial Park, in Santo Tomas, Tanauan City, Batangas Province, was founded in 1996 and is comprised of 349 hectares with factories and office buildings for 67 companies, including 37 Japanese firms. Sumitomo Group holds 30% while the remaining 70% is held by Lopez Group.
Among Asian nations where many Japanese manufactures have invested, the Philippines has been gaining power as an exporting nation supported by its attractive tax incentives as well as rich human resources equipped with English language skill. The Philippines has in fact raised exports by 7.7% year on year during the first half of fiscal 2012.
Since 2011, the foreign direct investment from Japanese manufacturers to the Philippines has been increasing. Sumitomo Corporation believes the Philippines will further increase its position as a strategic location for export-oriented industries compared to other Asian nations and thus the company has decided to launch this expansion project.