Did you know that the local manufacturing industry has seen a resurgence thanks to interest from foreign investors? Indeed, there are a number of new manufacturing plants in the country because foreign brands have seen the tremendous benefits of operating here, and thousands of Filipinos have consequently reaped the benefits. Some time last year, a company called Kinpo Electronics was said to be preparing for the expansion of its local operations which was based in Batangas City. Now it seems that not only did Kinpo go through with its plans, it’s actually planning to expand even further now.
According to a report from Taiwan-based DigiTimes, Kinpo will add two new factories in the Philippines in order to boost its production capacity for smart home appliances. Its two existing factories are projected to hit full capacities next year, so the company wants to open one injection molding factory and one more factory for assembly to continue operations. Kinpo President Simon Shen has said in a statement that ownership of the manufacturing facilities here in the country is divided among two groups — Kinpo, which holds an 81% stake, and Thailand-based affiliate Cal-Comp Electronics, which holds a 19% stake.
Last year, Kinpo began production of 3D printers and currently holds around 24% of global market share. The company expects to globally ship 73,000 units this year, and 100,00 units next year, of which 500 are for color printing and sold for $35,000 USD each. Meanwhile, the company is also expecting to ship 10,000 units of the HiMirror, a smart device that’s meant for medical care of facial skin, this year. For next year, there will be a second-gen model up for grabs, of which the company is targeting shipments of 50,000-100,000 units. With numbers like these, it’s no wonder that Kinpo is expanding so rapidly. And since it means more job opportunities, it can only be good for the country.