Signed LOI to expand business in the Philippines
On February 10, we participated in the LOI/MOU signing ceremony held on the occasion of the official visit to Japan by President Ferdinand Marcos of the Philippines, and signed the LOI expressing our intention to continue expanding our business in the Republic of the Philippines.
From top left: Alfredo Pascual Minister of Trade and Industry of the Republic of the Philippines/ Junichi Kameya, President of Our company
Bottom center: Ferdinand Marcos Jr. President of the Republic of the Philippines
■Overview of LOI/MOU Signing Ceremony in the Republic of the Philippines
The signing ceremony was attended by the President of the Philippines, key cabinet ministers,business leaders, and Japanese companies that have ties to the Republic of the Philippines.
Our Business in the Republic of the Philippines
Our consolidated subsidiary, Pricon Microelectronics, Inc. (hereinafter referred to as PMI Location: Laguna, Philippines) became a subsidiary in 1994 when we acquired all shares. In 2007, we acquired all shares of Test Solution Services, Inc. (located in Laguna, Philippines) and started a semiconductor testing service business.
In 2013, PMI built its first factory at Light Industry & Science Park 1 (LISP 1) and started assembly production of semiconductor test sockets and connectors. Furthermore, in 2016, we built a second factory to expand production.
Currently, the company plans to build a third factory building at Light Industry & Science Park 4 (LISP 4) in Malvar, Batangas, to further increase its production capacity for semiconductor test sockets and connectors. The target for completion is the first half of 2024.
As such, the Republic of the Philippines is an important base that employs approximately 2,600 people, and will be one of the production bases for semiconductor test sockets and connectors.
As an important country in Southeast Asia that continues to develop and grow, the Republic of the Philippines will continue to build a good relationship with the Philippines, expand production, and lead to the development of the Group.
