The 92-hectare expansion project of First Philippine Industrial Park Inc. (FPIP) in Santo Tomas, Batangas has been approved by government.
President Benigno Aquino III, through Presidential Proclamation No. 722, designated the expansion project as a special economic zone (SEZ).
This was followed a week later by the signing of a formal registration agreement for the project, which will be known as FPIP II-SEZ, between FPIP and the Philippine Economic Zone Authority.
FPIP president Edwin Co- Seteng said the expansion will increase the industrial park’s area to 442 hectares, from 350 hectares.
“Without the expansion, FPIP will be hard-pressed to meet the growing foreign investor demand for more space,” said CoSeteng.
“FPIP II-SEZ will see a further upgrading in our amenities, utilities and services. This is the only way for us to remain relevant as we strive to meaningfully contribute to the competitiveness of our business partners in the global market,” he added.
In addition to the cost of acquiring the land, the company is investing over P1 billion in three years to develop the expansion. This will cover building roads and setting up utilities, wastewater facilities and power and telecommunications facilities, among others.
CoSeteng noted that the project will also increase local employment in FPIP to about 60,000 in the next three years, up from the current 40,000.
FPIP currently hosts 77 locators including B/E Aerospace, Brother, Canon, Honda, Ibiden, Murata, Nestlé, Philip Morris, Shimano and Sun- Power. (Jun Lizardo)