President Ferdinand R. Marcos Jr. is upbeat over the inauguration of the PhP7-billion StB Giga Factory in Tarlac, which he described as a “major investment in a very critical industry.”
On the sidelines of the inauguration, President Marcos told reporters that he is “very happy and very proud” of all those who, in one way or another, made the project a reality.
“We are proud that we got it done. But I’m quite impressed with the StB Giga that they were able to do this in the short time that we had. Marso lang namin pinirmahan ito, nandito na anim na buwan,” President Marcos said.
President Marcos said the project is the result of a strong alliance between the governments of the Philippines and Australia and a product of a successful Public-Private Partnership (PPP).
It is one of the pledges secured during the Philippine Business Forum attended by President Marcos on the sidelines of the Association of Southeast Asian Nations-Australia Special Summit last March.
President Marcos witnessed the signing of a Memorandum of Understanding (MOU) between the Bases Conversion and Development Authority and StB Giga Factory.
The StB Giga Factory is the country’s first manufacturing plant of advanced lithium iron phosphate batteries, often used in renewable energy and electric vehicle industries, with a total of PhP7 billion project cost.
It’s funded by the StB Capital Partners, a venture capital firm based in Brisbane, Australia. It will start its commercial operations next month and is expected to create 2,500 direct and indirect jobs. | PND
