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Texas Instruments to invest $1B in RP
INQUIRER.net
Last updated 12:03pm (Mla time) 05/03/2007

MANILA, Philippines -- US-based Texas Instruments Inc., the world's biggest maker of mobile phone chips, is planning a second plant in the Philippines, costing $1 billion.

President Gloria Macapagal-Arroyo said the investment was the "single biggest investment" by a foreign firm and that the Philippines got it amid "fierce competition" from neighboring countries.

“We are thankful that Texas Instruments finally chose the Philippines. We look at this event as a sure sign that the Philippines has found its niche as one of the best investment destinations in Asia," she said.

Arroyo also said the plant would manufacture "more sophisticated" products than TI's first plant in the country. Trade and Industry Secretary Peter Favila said it would generate about 3,000 jobs.

Press Secretary Ignacio Bunye said the plant would be located in an eight-hectare area in the Clark economic zone north of Manila. The company currently has a 25-hectare complex in Baguio City in the northern Philippines, and has been scouting for a new site in either the Philippines or China.