By Kris M. Crismundo
MANILA, Jan 25 (PNA) — Shimano Inc., a Japanese manufacturer of bicycle and rowing equipment, has opened a 3.5 billion yen or around Php1.32 billion facility in the Philippines.
Shimano will manufacture bicycle components in its 13-hectare plant in Lopez-led First Philippine Industrial Park (FPIP) in Santo Tomas, Batangas which is expected to create 1,000 jobs once in full operation.
Shimano, which is the world’s biggest bicycle and rowing equipment producer, can now take advantage of the country’s inclusion to the European Union Generalized Scheme of Preferences Plus (EU GSP+) granted by the EU Parliament before 2014 ended.
The EU GSP+ allows 6,274 products entering the EU market with zero tariffs.
Meanwhile, the leading website for bike professionals worldwide Bike Europe noted that bicycle imports from the Philippines is rapidly growing.
“In the first six months of 2014 it expanded by 28 per cent from 338,000 units in the same period in 2013 to 433,000 this year [2014]. GSP+ will also have a very positive effect on the bicycle producers in the Philippines,” Bike Europe stated in its website.
“Supported by the GSP+ status the Philippines position as bicycle producer might change rapidly, especially when eyeing Shimano’s activities in this country,” Bike Europe added. (PNA)