Sumitomo Corporation Launches Expansion of Industrial Park in the Philippines

Sumitomo Corporation (Head Office: Chuo-ku, Tokyo; President and CEO: Kuniharu Nakamura) has launched approximately 100 hectares expansion work of the First Philippine Industrial Park (hereinafter, "FPIP") in the Republic of the Philippines. FPIP is a joint venture project between Sumitomo Corporation and First Philippine Holdings Corporation (Head Office: Pasig City; Chairman and CEO: Federico R. Lopez; hereinafter, "FPH"). FPH is the core entity of the Lopez Group, a leading Philippine conglomerate listed in the Philippine Stock Exchange.

Among Asian nations where many Japanese manufactures have invested, the Philippines has been gaining power as an exporting nation supported by its attractive tax incentives as well as rich human resources equipped with English language skill. The Philippines has in fact raised exports by 7.7% year on year during the first half of fiscal 2012.

In line with this trend, since 2011, the foreign direct investment from Japanese manufacturers to the Philippines has been increasing. Sumitomo Corporation believes the Philippines will further increase its position as a strategic location for export-oriented industries compared to other Asian nations and thus the company has decided to launch this expansion project. Taking advantage of the park's close location to the central business district of Manila which is only a 45minute drive and convenient supporting facilities and amenities such as hotels, banks and restaurants, Sumitomo Corporation, in collaboration with the locators in the park, aims to pursue sustainable growth of FPIP and contribute to the prosperity of local society through creation of job opportunities etc..   

Sumitomo Corporation has long been engaging in the development, operation, and sale of its own industrial parks at four locations in Vietnam, Indonesia, and the Philippines. In addition, the company has also been acting as the sales agent of locally developed prominent industrial parks in Thailand, Indonesia, and Cambodia. Utilizing its global business networks and accumulated experiences of more than two decades in the industrial park business, Sumitomo Corporation will continue to grow its industrial park networks to meet the needs of our customers.