The Subic Bay Metropolitan Authority (SBMA) lauded the signing of Nidec Subic Philippines Corporation’s venture into a new product, which will infuse an additional ₱4.2 billion.
In his recent official visit to Japan, President Ferdinand Marcos, Jr. signed the contract with Japan Prime Minister Fumio Kishida, who invited him to Japan during the UN General Assembly meeting in New York back in September.
“We are very thankful for President Marcos’ successful official trip to Japan where he signed another blessing for us in the Subic Bay Freeport because this will create more jobs for our community, and bring better industrial peace,” SBMA Chairman and Administrator Rolen C. Paulino said.
Paulino added that the President’s five-day trip to Japan entailed reaffirming the strong and vibrant relations between the two countries, as well as maximizing its partnership thru defense, security, political, economic, and people-to-people ties.
“This new venture by Nidec Subic is a validation of the foreign investors’ strong confidence in the leadership of President Marcos, and in the Subic Bay Freeport, especially now that we have adopted a Fast, Friendly and Flexible customer service. Because of that, we are now expecting to draw more foreign investments to make it happen in the Philippines, particularly in Subic,” he said.
According to the SBMA Business and Investment Department for Manufacturing and Maritime, Nidec Subic will be producing precision gearboxes that ensure smooth and efficient gear operation in a wide range of applications such as robotics, aerospace and solar tracking.
It will initially require 1,074 workers. Nidec is the world’s top manufacturer of small precision motors, and currently maintains the largest market share in the world for spindle motors, which rotate disks and are at the heart of hard disk drives used in personal computers.
In 2019, Nidec Subic launched their expansion program to produce industrial robotic gears with an actual investment worth US$250 million, generating additional employment of 632.
The company ventured into manufacturing reduction gears which are considered vital in controlling the speed and traction of electronic equipment.
Nidec Subic was named among the top ten exporters of 2022 with an export value totaling to US$49.43 million.