Taiwanese electronics firm New Kinpo is set to open its new factory in Batangas in March.
The company said its newest factory in the Philippines, which will be operated by its subsidiary Kinpo Electronics Inc., will start operations by the end of the first quarter of 2015.
New Kinpo chief executive officer Simon Shen said the new plant will focus on producing consumer electronics products such as calculators and electronic keyboard for a known Japanese brand.
New Kinpo earlier invested $31.6 million to set up the new factory, and intends to invest another $22.5 million for the factory’s expansion this year.
The factory is expected to employ around 4,000 to 6,000 workers.
Kinpo Electronics Inc. is expecting to contribute around 10% to 30% of the New Kinpo’s total revenue this year.
Kinpo Electronics Group has been able to set up and operate factories in the Philippines through the assistance of the Department of Trade and Industry (DTI), the Philippine Trade and Investment Center in Taipei and the Philippine Economic Zone Authority (PEZA).
“We are continuously bringing to fruition government’s efforts to boost Philippine economic relations with Taiwan as we welcome more inbound trade missions from Taiwan and enable businesses like New Kinpo to flourish in the Philippines,” DTI Undersecretary Ponciano Manalo Jr. said.
Its previous investments in the Philippines include its subsidiaries such as AcBel Polytech Inc. for the manufacture of light-emitting diode (LED) lighting and smart grid solutions, and CalComp Electronics and Communications Co. for the production of handsets, printers, and liquid-crystal-display televisions (LCD TV).
The group currently has a total of 96,000 employees worldwide and has 23 subsidiaries, wherein seven are publicly listed corporations.
The group produces a wide range of consumer electronics products such calculators, printers, 3D printers, external hard disc drives, modems, and motherboards for brands like HP, Toshiba, Western Digital, and Casio.