16-9-2023 (MANILA) Singapore-based Dyson Ltd., renowned for pioneering the bagless vacuum cleaner, has unveiled plans to inject 11 billion pesos (approximately $193.5 million) into a new manufacturing facility in the Philippines, according to an official statement from the office of President Ferdinand Marcos Jr., released on Saturday.
This significant investment announcement coincided with President Marcos’s visit to Singapore, where he engaged in discussions with Dyson executives, the statement noted.
Dyson, a prominent player in the consumer electronics sector, had earlier in the year made the strategic decision to expand its presence in the Southeast Asian nation, home to one of its existing factories specializing in electrical motors.
The earmarked investment encompasses various crucial elements, including the establishment of a new manufacturing plant, funding for research and development initiatives, staff expansion, and the development of essential software to support Dyson’s operations in the coming two years, as detailed in the statement.
As of now, Dyson has not provided an official response to requests for comment regarding this development.
President Marcos expressed optimism regarding Dyson’s investment, highlighting its potential to generate job opportunities, particularly for Filipino software engineers.
In 2020, Dyson had previously disclosed a comprehensive global investment plan valued at S$4.9 billion (equivalent to $3.59 billion), with the allocated funds slated for distribution across various strategic locations, including the company’s global headquarters in Singapore, its two campuses in Wiltshire, southern England, and the Philippines.
