Japanese company to invest $164.5-M in Binalonan
DON’T look now but Binalonan town will yet become an industrial park in the region by 2027 with the expected US$ 164.5-million worth of investment by a Japanese firm this year for the establishment of a manufacturing plant for car wirings.
Fifth District Rep. Ramon Guico III said Sumi North Philippines Wiring Corporation is set to spend US$ 68.7- M for its first phase, US$ 47.3-M (2nd phase) and US$ 48.5-M for final phase in Barangay Linmansangan.
He said the investment is expected to generate 12,000 jobs in the district. “You have to look at the multiplier effect…, the transportation requirements, food, housing, among others,” Guico said.
He said the project which he started discussions with investor as mayor, will be an economic driver for the progress not only for the district but for the province.
The town is very strategic to the investor because the Manila North Road and the Tarlac-Pangasinan-La Union Expressway traverse it making it accessible for travel, he said.
The phase one originally set to be operational by December this year was moved to February 2021 because of postponed activities due to restrictions imposed by the national emergency.
He expects the construction of warehouses to start immediately once the General Community Quarantine is lifted.
He said the entry of the Japanese investor is timely for his district being a pilot area for the ‘Balik Probinsya, Bagong Pag-asa‘ program of the national government.
Guico expressed with confidence that once the plant becomes fully operational, it will make the town an industrial park. (PhilStar Wire Service/ECV)
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