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South Korean firm investment in Clark to create 3500 jobs

South Korean firm Phoenix Semiconductors Philippines Corp. has invested $135 million for a manufacturing facility at the Clark Freeport Zone.

Clark Development Corp. (CDC) president and chief executive officer Benigno N. Ricafort said the new investment will create 3,500 new jobs once it begins commercial operations in the first quarter of next year.

Ricafort said $135 million is only for the first phase of the project. More investments are expected to come in.

Construction of the facility, which will stand in a 15-hectare land, will be completed in December this year, Ricafort said.

Once operational, Phoenix will be exporting $3.5 billion worth of finished products.

The company specializes in packaging and testing of semiconductors. Together with its mother-company STS-SEMI. CO. KR, they are now building foundations in the Philippines to become a total solutions provider in the industry by infusing endless innovation and investment.

Meanwhile, investments in Clark reached $70 million for the first five months of this year, up 11 percent from a year ago level.

Ricafort said the $70 million is only from two big investors namely Chinese firm HLD Pipes and Taiwanese company Multi Tech.

β€œWe are now focusing on large investments because we have very limited areas for development in Clark. We want big scale investors to enter the Freeport,” Ricafort said.

Exports from the Clark Freeport Zone for the first five months have already reached $480 million. Ricarfort said they would like to again hit the $1-billion mark by the end of this year. Last year, exporters earned more than $900 million.

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Wednesday, July 7, 2010 Investment and business opportunities, News




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