Documents from the Philippine Export Zone Authority (PEZA) show that ADGTI is expanding the production capacity of its manufacturing plant and the completion of the building construction is scheduled for December this year.
According to PEZA, importation and installation of machinery and equipment will start in January next year in time for the start of commercial operations in February.
ADGTI said in its application that the new facility is expected to generate net sales of P2.409 billion from exports estimated to be worth $56.032 million. Net foreign exchange earnings were estimated at $48.373 million.
PEZA also revealed that its board of directors approved the proposed P695.399-million expansion project of Psi Technologies Laguna, Inc., a subsidiary of the Concepcion-owned RFM Corp.
PTL’s had earlier expanded its activity to include the manufacture of rectifier devices. The new project approved by PEZA, on the other hand, would involve the manufacture of small signal transistors.
According to PTL, the devices will be exported to the US, Singapore and Japan when the new facility starts commercial operations in December 2000. PTL said the project is estimated to generate $18.146 million in export sales and $8.52 million in net forex earnings.
These two projects boosted the investments in the country’s special economic zones where locators could avail of various government incentives including up to four years of income tax holiday, duty-free importation of capital equipment and other perks.
PEZA reported last week that despite the climate of gloom, investments in the country’s export zones doubled from P34.231 billion in January to October last year to P69.869 billion.
PEZA indicated that locators invested more than the P44 billion they were expected to invest for the whole of 2000, breaching the target by over P25 billion. PEZA reported that new export enterprises accounted for P24.752 billion of new investments, with a total projected annual export of $1.38 billion and projected annual foreign exchange earnings of $481.576 million.
Expansion projects of existing enterprises, however, accounted for the bulk of locator investments amounting to P37.952 billion, invested in 97 existing enterprises. These businesses are expected to export a total of $5.939 billion every year and generate $2.34 billion in foreign exchange earnings while employing a total of 19,529 people. – Des Ferriols