Vietnamese conglomerate Vingroup, the parent company of electric vehicle (EV) manufacturer VinFast, plans to invest $500 million or around P31.7 billion in EV manufacturing plant in the Philippines, with an initial production capacity of 200,000 vehicles annually, according to the Department of Trade and Industry (DTI).
Singapore-based manufacturer MNEX is investing P180 million in a Batangas plant that will produce precision-molded components for consumer electronics, medical devices, and industrial products, with production targeted to start in early 2027.
Japanese tech giant Toshiba Corporation is planning a multi-billion-peso investment in the Philippines over the next three years to expand its production of high-capacity hard disk drives, a move expected to generate about 3,000 jobs.
The Philippine government is backing the planned expansion of Canadian enterprise software firm OpenText in the country, a move officials said could bring more investments in cloud computing, artificial intelligence (AI), cybersecurity, and other digital technologies while generating additional high-value jobs.
Canadian business process outsourcing (BPO) firm NQX is planning to invest P632 million in the Philippines and add 725 direct jobs as it expands its operations outside Metro Manila, according to the Department of Trade and Industry (DTI).
Consumer finance and buy-now-pay-later app BillEase has announced an investment of $5 million from Saison Investment Management Private Limited (SIMPL), the offshore lending arm of Saison International.
The investments came from manufacturers of high-technology products such as TDK Corp., which plans to invest P7.2 billion; Taiyo Yuden, P1.6 billion; Terumo Corp., P1 billion; and Almex Technologies, P1 billion.
At the sidelines of the 43rd Asean Summit in Jakarta on Tuesday, Sept. 5, Department of Trade and Industry (DTI) secretary Fred Pascual revealed that two Indonesian technology companies -- PT Vaksindo Satwa Nusantara, and PT WIR Asia Tbk – will be investing heavily in the Philippines in the next few years.
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