Japanese industry giant Shimano is to open a new manufacturing facility in the Philippines, with construction already underway.
With the ambition to have completed work on the new facility by next July, production at the Batangas facility is expected to begin around December 2014.
Costing P1.5-billion to construct, the 106,620 square metre site will join Shimano's already extensive production facilities, currently found in China, Malaysia and Singapore.
Japanese ambassador to the Philippines Toshinao Urabe confirmed the news on business sites earlier this week: "The latest firm that will expand to the Philippines is Shimano. They just announced it and they will be building high-end bicycles and producing bicycle components.Shimano will also be assembling bicycles for export, I think mostly for the BRIC nations (Brazil, Russia, India, China)."