BLOOMBERG – Consumer electronics giant Dyson plans to invest PHP11 billion (USD194 million) in the Philippines in the next two years, according to a statement from the office of President Ferdinand R Marcos Jr.
Dyson CEO Ronald Krueger told Marcos at a meeting on Saturday that the company made the decision four months ago to invest further in the country, where it already has a factory producing electrical motors, according to the statement.
The funds will be for a new plant, a research and development center, additional staff and software the company will need in the next two years, Krueger said. The investment would create around 1,250 jobs and bring more contract manufacturing to the Philippines, according to the statement.
Attracting foreign investment is among key goals set by Marcos since assuming office a year ago goal to create more jobs, reduce poverty and boost economic growth.