Philips to expand RP operations

Dutch electronics giant Philips Electronics N.V. is on an investment binge in the Philippines with its plan to infuse an additional $330 million to expand its production activity in the country.

Philips Electronics president and chief executive officer Gerard Kleisterlee said yesterday that the firm is planning to transfer its microwave oven production to the Philippines from its current production base in Nijmegen, Netherlands.

The transfer would mean an investment of $65 million next year for the microwave production alone.

The new investment is expected to generate at least 2,000 new jobs.

Philips would invest $260 million for its various operations in the country in the next three years.

By 2007, Philips is projecting to increase its local employment to 6,500 workers.

Philip’s local subsidiary in the Philippines is Philips Semiconductors, Phils., Inc.

Philips has invested over $465 million in the Philippines in the past 15 years.

Philips, however, has been trading in the Philippines since 1918, selling lighting products and shortwave radios.

Last year, Philips reported net export sales of $652.51 million.

Philips is a global leader in the manufacture of lighting products, appliances and consumer electronics.

The firm’s other business here include lighting, medical systems, domestic appliances and consumer electronics.