Tamiya Philippines Inc., a part of Japan’s Tamiya Group, announced a P1.5-billion expansion inside the Cebu Light Industrial Park.
The plastic model, printing and packaging manufacturing company recently broke ground for a new factory that will increase local production.
It said the new factory would improve output by 5 percent over three years and further expand capacity to 20 percent depending on demand. The company exports $23-million worth of products from Cebu operations.
Majority of the output goes to Japan with a share of 65 percent. The US accounts for 12 percent of exports, Germany with 10 percent, UK with 7 percent, Thailand with 2 percent and Hong Kong, 2 percent. Other markets make up the remaining 4 percent.
Tamiya Philippines manufactures high-quality precise hobby products such as miniature model kits and radio-control vehicles, metal mold-making, printing and packaging.
The Philippine Economic Zone Authority said it is one of the major investments in the first quarter of 2022.
PEZA said exports from economic zones were resilient even during the pandemic.
It said economic zone exports grew by 14 percent in 2021 to $63.06 billion from $55.3 billion in 2020. Employment across all economic zones also improved by 13.9 percent to over 1.7 million last year from 1.5 million workers in 2020.
PEZA said cumulative investments in the last 27 years reached P4.03 trillion while exports totaled $933.83 billion exports.
Registered economic zones also grew from 16 in 1995 to 415 special economic zones with 4,665 locator companies this year.
