Japan’s Citizen Finedevice to invest P1.73B in Batangas
MANILA, Philippines – Japanese firm Citizen Finedevice Philippines Corporation is investing P1.73 billion ($36.82 million) for the production of electronics products in Batangas.
The company, located at the First Philippine Industrial Park II in Sto. Tomas, will produce crystal blank devices and component parts for products such as watches, mobile phones, IT products, home appliances, and automobiles.
The Philippine Economic Zone Authority (PEZA) registered project is expected to employ 530 workers. Once operational, it is expected to produce $12.3 million (P577.8 million) worth of exports.
Japan’s Citizen Finedevice is noted for its expertise in mass producing ultra-compact quartz crystal blank devices tailored to customers' requirements.
These devices can be found in optical devices, ceramic devices, FA systems, precision machining (cutting, pressing), surface treatment (coating), heat treatment, product assembly, and measuring instruments, among others.
In addition, the company also produces liquid crystal displays (LCDs), electronic camera viewfinders, and sensing devices for anything from watches to cameras.
Citizen Finedevice is a 1.75-trillion yen (P669.6 billion) company with headquarters in Yamanashi, Japan, where it also has two other factories in Miyota and Kitamimaki.
The news follows the announcement that ADM Capital and BPE Asia Real Estate, two major Hong Kong-based private equity firms, are investing $150 million (P7.072 billion) to construct 5 office towers in the Clark Freeport Zone. (READ: Two private equity firms to invest P7B in Clark)
In June of this year, the Japanese Chamber of Commerce and Industry shared that it has received inquiries from around 200 Japanese firms interested in relocating their manufacturing operations to the Philippines from China. – Rappler.com
$1 = P 46.98
1 JPY = P 0.38