Sumitomo Corporation, one of the largest Japanese business conglomerates has begun expansion work at the First Philippine Industrial Park in Manila, to add approximately 100 hectares of property for leasing and allow for additional factories to be constructed upon completion, the company said in a statement on February 22.
The project is a joint venture between Sumitomo and First Philippine Holdings Corp, which is the core entity of the Lopez Group, a leading Philippine conglomerate listed at the Philippine Stock Exchange.
The park, established in 1996, comprises 349 hectares. It currently has 67 occupants, including 37 Japanese firms and approximately 30,000 employees on site. Exports in 2011 amounted to $1.41 billion, according to the company’s latest data.
Sumitomo said in launching this expansion project, it believes the Philippines will further increase its position as a strategic location for export-oriented industries compared to other East Asian nations.
Taking advantage of the park’s close proximity to Manila’s central business district, Sumitomo said it plans to pursue sustainable growth and create job opportunities.
Sumitomo Corporation has long been engaging in the development, operation, and sale of its own industrial parks at four locations in Vietnam, Indonesia and the Philippines. In addition, the company has also been acting as the sales agent of locally developed prominent industrial parks in Thailand, Indonesia and Cambodia.