Japan Firm Sets P1.7-Billion DVD Disk Drives Expansion
Byline: BERNIE CAHILES-MAGKILAT
Japanese-owned Kyushu Matsushita Electric Corp. of the Philippines is investing P1.746 billion for a five-year expansion program of its local manufacturing operation of DVD Multi Disk drives project in Carmelray Industrial Park II.
This was announced by Philippine Economic Zone Authority Director General Lilia B. de Lima following the board's approval of the additional investments. Of the total project cost, P847.49 million would be initial cost of the expansion which started commercial operation this month. The initial investments would be funded through internally-generated funds of P300 million and advances from its parent company in Japan of P547.49 million.
Hiroshi Nishimura, president of Kyushu Matsushita, said the project is expected to generate annual average export sales of $86.56 million and create 199 new jobs in addition to the existing 205 workers.
"Our new project, which is the first of its kind in the world, will produce about 1. …