MANILA, Philippines - Laboratorios Farmesa SAIC, Argentina's biggest manufacturer of savory additives and plant-based ingredients, is set to open a commercial office in the Philippines in the first half of 2013.
This is said to be the company's first ever venture outside of Argentina.
Philippine Ambassador to Argentina Rey A. Carandang met with Farmesa president Gabriel Pérez last January 25, where the latter confirmed the investment in the Philippines.
Perez said they will invest $3 million in the next two years for the commercial office's operations in the Philippines. The office, which will be named Farmesa Asia Pacific Inc., will serve as the Argentine company's base for its regional expansion.
Agustín Pérez, Farmesa's business development officer, will head the office in Manila. The office will initially employ three to five Filipino employees. There are also has plans to establish a warehouse facility in the Philippines, with future plans to set up a manufacturing plant.
The Farmesa president said the Philippine economy's strong performance, as well as the help of the government, were factors in their decision to choose the Philippines as their base in Asia Pacific.
Perez also noted there are "many affinities and coincidences in terms of both culture and commerce" between the Philippines and Argentina, which made him realize the Philippines is an "ideal bridge" for their operations in the Asia-Pacific region.
Farmesa, founded in 1959, is a regional industry leader whose products (emulsifiers, antioxidants, textured soy protein, stabilizers, flavors and aroma, etc.) are mostly derived from soya, as well as from carrageenan and other natural sources.