This was announced yesterday by visiting HCG Taiwan Board of Director Scott Chiu during a press conference to highlight HPC’s long-term commitment to the Philippines.
HPC is a joint venture between HCG Taiwan and Filinvest Corp.
Chiu said the investment is expected to generate 300 new jobs.
HPC operates the largest manufacturing facility of bathroom fixtures in the country with its main production plant located at the First Cavite Industrial Estate.
It was established in 1995 with an initial investment of $45 million.
HPC Assistant Vice President Sam Lu said the additional investment would help HPC reach its sales target this year of P1 billion, both for domestic and export markets.
"HPC’s projected sales increase would be through its effort to create new markets," Lu said, adding that "HPC’s rosy sales projections is based on the strong 77 percent growth in domestic sales for the first quarter this year."
HPC’s export sales amounted to $1.1 billion in 2002. The company exports its products to the US, Southeast Asia, the Middle East and Europe.
HCG was founded by Taiwanese industrialist Hocheng Chiu in 1931.