Swiss roadshow generates $24.7M in investment commitments
THE Philippines obtained an initial $24.7 million in investment commitments during a recent Swiss roadshow, the Board of Investments (BoI) said.
In a statement on Wednesday, the BoI said the prospective Swiss investments are expected to generate 475 jobs.
The BoI and the Philippine Trade Investment Center (PTIC) organized the investment mission on the sidelines of the Philippines — European Free Trade Association and the 5th Philippines — Switzerland Joint Economic Committee meetings in Switzerland between Jan. 9 and 13.
Members of the Philippine delegation included representatives from the BoI, the Philippine Economic Zone Authority, and PTIC.
SATEGO AG committed to invest $9.7 million in a state-of-the-art production facility at the TECO Industrial Park in Pampanga, which is expected to be operational by 2024.
SATECO AG makes silicone keypads and sensors for auto manufacturers.
“Multinational companies (are ramping up) their interest in setting up for business in the country along with existing firms expanding their investment portfolios,” Trade Undersecretary Ceferino S. Rodolfo said.
Swiss startup NaturLoop is also seeking to launch a $15-million Cocoboard factory by 2026. The company is currently firming up its sourcing arrangements for coconut husk in Quezon Province.
The delegation also visited the facility of OVD Kinegram, based in Zug, Switzerland. The company designs and produces the Kinegram optical security system protecting government documents and banknotes.
The delegation also met with miner Glencore, which has a 78% stake in the Philippine Associated and Refining Corp., which operates a copper smelter in Leyte.
“The combination of vast resources of critical green metals such as nickel, cobalt, and copper, the presence of suitable locations such as the Leyte Ecological Industrial (zone), along with the government’s strong commitment and efforts on sustainability and rich human capital makes the Philippines a vital and reliable chain partner that enables investors to profitably serve customers regionally and globally,” Mr. Rodolfo said.
According to the BoI, Switzerland was the country’s 26th largest trading partner, 17th largest export market, and 29th largest source of imports in 2021.
Philippine exports to Switzerland rose 17.3% to $528.2 million in 2021.
“From 2017 to the third quarter of 2022, Swiss investment approvals by Philippine investment promotion agencies hit P1.4 billion. Notable BoI-approved Swiss investments include projects of Nestlé, Avaloq, and CPW,” the BoI said. — Revin Mikhael D. Ochave