According to a statement from President Ferdinand R. Marcos Jr., Dyson Ltd. intends to invest $301 million in the Philippines over the next two years to build a new plant and more.
Bloomberg has reported that Dyson Chief Executive Officer Ronald Krueger had confirmed with the Philippine President that the decision was made four months ago to move forward with the investment.
Dyson has already significantly invested in the country and currently has a factory manufacturing electrical motors housed by the region.
With the financing, Dyson plans to build a new plant a research and development centre, hire more staff, and build out a software company over the next two years, according to Krueger.
The 11 billion Dyson venture will bring 1,250 jobs to the country and, additionally, will create an environment for contract manufacturing in the Philippines.
With the Dyson deal, President Marcos is one step closer to making good on his promise, and one of his primary goals is to create more jobs, decrease poverty, and advance economic growth to be fuelled by attracting foreign investment.
