MANILA – Government has approved the 92-hectare expansion project of Lopez-controlled First Philippine Industrial Park Inc. (FPIP) in Santo Tomas, Batangas.
President Aquino, through Presidential Proclamation No. 722, designated the expansion project as a special economic zone (SEZ) on February 14.
FPIP and the Philippine Economic Zone Authority (PEZA) then signed a formal registration agreement for the project to be known as FPIP II-SEZ on February 27.
FPIP President Edwin Coseteng said the expansion will increase the industrial park’s area from 350 to 442 hectares.
“Without the expansion, FPIP will be hard-pressed to meet the growing foreign investor demand for more space. With the expansion, FPIP’s area will increase from 350 to 442 hectares,” said Coseteng.
“FPIP II-SEZ will see a further upgrading in our amenities, utilities, and services. This is the only way for us to remain relevant as we strive to meaningfully contribute to the competitiveness of our business partners in the global market,” he added.
FPIP hosts 77 locators including B/E Aerospace, Brother, Canon, Honda, Ibiden, Murata, Nestle, Philip Morris, Shimano, and Sunpower.
FPIP is a 70-30 joint venture between First Philippine Holdings Corporation (FPH), a holding company of the Lopez Group, and Sumitomo Corporation.