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Sumitomo Corporation to Expand First Philippine Industrial Park

Tokyo, Feb 22, 2013 (JCN) - Sumitomo Corporation 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.

Taking advantage of the park's close location to the central business district of Manila which is only a 45 minute drive and convenient supporting facilities and amenities such as hotels, banks and restaurants, Sumitomo Corporation, in collaboration with the locators in the park, aims to pursue sustainable growth of FPIP and contribute to the prosperity of local society through creation of job opportunities.

Sumitomo Corporation has long been engaging in the development, operation, and sale of its own industrial parks at four locations in Vietnam, Indonesia, and the Philippines. In addition, the company has also been acting as the sales agent of locally developed prominent industrial parks in Thailand, Indonesia, and Cambodia.

- Industrial park name : First Philippine Industrial Park

- Joint venture name : First Philippine Industrial Park, Inc.

- Establishment : 1996
- Location : Santo Tomas, Tanauan City, Batangas Province

(50 kilometers south of the center of Manila, about 45 minutes by car)
- Total land area developed: 349 hectares
- Shareholders : Sumitomo Corporation (30%), FPH, a local major conglomerate (70%)
- Total employees : Approximately 30,000
- Annual exports : US$1.41 billion in FY2011

(approximately 2.9% of the Philippine's nationwide exports)
- Properties for lease : factories (vacancies available), office buildings
- Current occupants : 67, including 37 Japanese firms

By Chris Lui Staff Writer

Copyright © 2015 JCN. All rights reserved. A division of Japan Corporate News Network KK.

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