Industrial News

  By Eileen Mencias Investments approved by the Board of Investments (BOI) surged by 44% to P1.58 trillion as of November this year. According to the BOI, the increase was driven by renewable energy projects, which accounted for P1.35 trillion. With the BOI’s target of P1.6 trillion in investment approvals within reach, Trade Secretary and BOI chair Cristina Roque credited the Marcos Jr. administration’s macroeconomic policies for the strong performance. “Reaching P1.58 trillion in investment approvals within 11 months is clear proof of our government’s success in fostering a stable and attractive investment climate. These investments will create jobs, support [...]

The Biden administration continues to try to stop China from obtaining US tech, but impacted firms may already have already stockpiles. The US is adding more restrictions on tech exports to China, banning 140 companies as well as the shipment of memory and chip manufacturing equipment to the country, according to reports from multiple news outlets and the US Bureau of Industry and Security. This latest crackdown is expected to take effect on Monday. Commerce Department Secretary Gina Raimondo reportedly called the new rules "groundbreaking and sweeping" in a statement. The Bureau of Industry and Security said the expanded tech ban "will restrict the [...]

On November 26, TCL Zhonghuan announced that it had signed a term sheet with its controlled subsidiary, Maxeon Solar Technologies, Ltd. According to the announcement, TCL Zhonghuan intends to purchase 100% of the equity in SunPower Philippines Manufacturing Ltd., a wholly-owned subsidiary of Maxeon, as well as 100% of the equity and related tangible and intangible assets of Maxeon’s non-U.S. sales subsidiaries. The final consideration will be determined based on financial statements and third-party valuation reports as of August 31, 2024. TCL Zhonghuan stated that MAXN, its controlled subsidiary, is a key layout for the company’s global business development, possessing [...]

As we have seen in the previous columns in this series, manufacturing employment is a better predictor of economic development than manufacturing output. In fact, even today as much as 24% of the labor force in Germany is still accounted for by manufacturing (although it is less than 10% in the US). It has become, however, more difficult for emerging markets like the Philippines to sustain manufacturing employment shares as their incomes rise. As was empirically shown by the ADB study of Dr. Jesus Felipe et al, the scope for the growth of employment in manufacturing is being limited by [...]

United Technologies and Raytheon have agreed to merge, the companies said Sunday afternoon, crafting an all-stock deal that would create a giant evenly balanced between civil aerospace and defense that may be better positioned to handle cost pressures and uncertain prospects in both sectors. The two New England-based industrial stalwarts billed it as a “merger of equals,” but United Technologies investors would control 57% of the company, which will be called Raytheon Technologies, they said in a statement. The combined company would have almost $80 billion in annual sales in 2020, which should push it past Airbus to be the second-largest [...]

The former CEO of Integrated Microelectronics Inc. is joining the board of the operator of the highly-profitable BingoPlus and ArenaPlus. Arthur R. Tan, currently advisor to bilyonaryo Jaime Augusto Zobel de Ayala at AC Industrial Technology Holdings, has been elected as independent director of DigiPlus Interactive Holdings (PLUS). The Harvard and Mapua Institute of Technology alum retired from loss-making IMI last May after steering the Ayala chipmaker for 23 years. Tan replaced Abogado Mardomeo N. Raymundo, Jr. who resigned for personal reasons. Raymundo has been a regular director of PLUS since 2024. Source: https://bilyonaryo.com

FOTON Philippines is managed by United Asia Automotive Group, Inc. (UAAGI), as the exclusive distributor of FOTON vehicles in the country. FOTON offers a wide range of commercial vehicles which includes passenger vehicles, light, medium, and heavy duty trucks, agricultural and heavy machinery. In line with its goal to becoming a full-fledged global brand, FOTON has partnered with world-renowned automotive component brands and corporations the most notable of which are the joint ventures with CUMMINS, USA, for the manufacture and supply of diesel power plants for FOTN’s passenger vehicles and trucks; and with Daimler AG for design and technology. FOTON also has partnerships with [...]

Government incentives pushed to lure e-mobility investors The Philippines has a huge potential for the e-mobility industry. Thus, President Ferdinand “Bongbong” Marcos, Jr., is pushing for government incentives to attract more investors, Malacañang said on Tuesday. “We’re always running into the same problem. It’s the scaling, production design, then the investment. How do we (attract investments)? … ‘Yun ang (That’s the) hardest part of this,” the President said. “We need investors to come in. Of course, we’ll provide incentives from the government. That’s what we need to do. We need incentives for investors to come in. Hopefully local. But we’ll [...]

Globe Telecom has announced on Wednesday, Oct. 23, the appointment of Carl Raymond R. Cruz as its deputy chief executive officer, effective Jan. 1, 2025. In a disclosure to the Philippine Stock Exchange, the Ayala-controlled telecommunications firm said Cruz has also been nominated for a seat on the company’s board of directors, with the election to take place at the 2025 annual stockholders’ meeting. He is expected to assume the roles of president and CEO at the board’s organizational meeting following next year’s stockholders meeting. This development was first reported by Bilyonaryo.com on Tuesday, Oct. 22. Globe said Cruz, 54, brings over [...]

Environment-friendly way to recycle scrap, reuse resources, and dispose waste There eventually comes a time when a car is ready for the scrap heap. That's just the way it goes; sometimes it's not worth it to spend to repair and maintain an old car. The question now is: what should you do with it? For one, don’t just leave it by the side of the road to rot, and definitely don’t stick it in an empty lot for local fauna to swallow up. You’re going to make a lot of motorists (and your neighbors) angry with the former, while the [...]