Industrial News

Based on the latest PSA data, the country’s trade balance – the difference between the value of exports and imports – expanded by more than three percent to a deficit of  $54.21 billion in 2024 from a $52.6-billion shortfall in 2023. As imports pick up while exports continue to drop MANILA, Philippines — The country’s trade shortfall widened to $54.21 billion in 2024, the highest trade gap in two years or since the December 2022 deficit of $57.65 billion, as imports increased while exports continued to deteriorate, according to the Philippine Statistics Authority. Based on the latest PSA data, the [...]

MANILA, Philippines — Ayala-led Integrated Micro-Electronics Inc. (IMI) is closing down its China facility as part of efforts to reduce business costs by focusing on strategic factories. In a disclosure to the Philippine Stock Exchange, IMI announced that all production works in its Chengdu hub have stopped since December 2024. IMI said the facility completed its commitments to clients and remaining customer projects were transferred to other sites owned by the company. Currently, IMI is working on concluding the closure process of the hub, starting with the transfer of assets and equipment, which has to be completed this month. Afterward, [...]

The Philippines lags behind Thailand, Indonesia, and Malaysia in attracting hyperscalers and global companies for their data center needs. According to Megawide chairman and CEO Edgar Saavedra, these countries are more appealing due to their lower power costs and attractive incentives, such as tax breaks. Power in Thailand, Indonesia, and Malaysia is 20% to 30% cheaper than in the Philippines, a significant factor for data centers, particularly those supporting artificial intelligence, said the construction magnate and engineer. “The government must take action, or we will truly be left behind,” said Saavedra, whose Megawide Corp. has a data center venture with [...]

The 39th edition of NEPCON JAPAN, Asia’s leading exhibition for electronics R&D, manufacturing, and packaging technology, returns to the iconic Tokyo Big Sight from January 22 to 24, 2025. Hosted by RX Japan, NEPCON JAPAN 2025 is expected to attract over 1,800* global exhibitors and 90,000* visitors alongside concurrent shows AUTOMOTIVE WORLD, Factory Innovation Week, WEARABLE EXPO, and SMART LOGISTICS Expo. (*expected including concurrent shows.) Cementing its role as an established one-stop venue for key players and decision-makers in the global electronics industry, NEPCON JAPAN 2025 has 7 specialized shows namely INTERNEPCON JAPAN, ELECTROTEST JAPAN, IC & SENSOR PACKAGING EXPO, ELECTRONICS COMPONENTS & MATERIALS [...]

ACMobility, the mobility solutions arm of the Ayala Group and a leader in electric vehicle (EV) infrastructure, is set to expand its charging network across Makati City—one of the leading sustainable cities in Metro Manila. By Q1 2025, Makati will host more than 74 fully operational charging points across 18 locations, including offices, malls, condominiums, and more. “ACMobility is excited to enhance Makati’s mobility infrastructure with a comprehensive charging network, ensuring convenient and efficient solutions for residents and visitors,” said Jaime Alfonso Zobel de Ayala, Chief Executive Officer of ACMobility. “As a key city for our EV ecosystem expansion, Makati [...]

Strategic Manufacturing Agreement to Accelerate New Electric Vehicle Production Globally CLEVELAND, Jan. 7, 2025 /PRNewswire/ -- LAND / LAND Energy, a Cleveland-based electric mobility manufacturer, announces a strategic partnership with Integrated Micro-Electronics, Inc. (IMI), a global multi-national electronics manufacturing group, to produce their new global mobility platform to be announced early in 2025. The operating agreement, signed in December, marks LAND's first expansion into Southeast Asian markets. The partnership leverages IMI's extensive manufacturing capabilities, currently producing both electric and gas motorcycles in the Philippines. This collaboration will enable LAND to efficiently manufacture and distribute their new product across rapidly growing Asian and European markets, where two-wheel electric [...]

THE TOP 1,000 corporations in the Philippines saw a 7.2% increase in combined revenues to P17.8 trillion in 2023, slowing from the previous year as elevated inflation weighed on economic activity. The BusinessWorld Top 1000 Corporations in the Philippines report showed the firms’ aggregate gross revenue jumped by 7.2% in 2023 from P16.68 trillion posted in 2022. The rate of increase was significantly slower than the 21.2% seen in the 2022 edition. BusinessWorld defines gross revenue as the combination of net sales and nonoperating income. Meanwhile, the top corporations’ combined net income rose by 13.3% to P2.04 trillion in 2023 from P1.8 trillion in [...]

  By Eileen Mencias Investments approved by the Board of Investments (BOI) surged by 44% to P1.58 trillion as of November this year. According to the BOI, the increase was driven by renewable energy projects, which accounted for P1.35 trillion. With the BOI’s target of P1.6 trillion in investment approvals within reach, Trade Secretary and BOI chair Cristina Roque credited the Marcos Jr. administration’s macroeconomic policies for the strong performance. “Reaching P1.58 trillion in investment approvals within 11 months is clear proof of our government’s success in fostering a stable and attractive investment climate. These investments will create jobs, support [...]

The Biden administration continues to try to stop China from obtaining US tech, but impacted firms may already have already stockpiles. The US is adding more restrictions on tech exports to China, banning 140 companies as well as the shipment of memory and chip manufacturing equipment to the country, according to reports from multiple news outlets and the US Bureau of Industry and Security. This latest crackdown is expected to take effect on Monday. Commerce Department Secretary Gina Raimondo reportedly called the new rules "groundbreaking and sweeping" in a statement. The Bureau of Industry and Security said the expanded tech ban "will restrict the [...]

On November 26, TCL Zhonghuan announced that it had signed a term sheet with its controlled subsidiary, Maxeon Solar Technologies, Ltd. According to the announcement, TCL Zhonghuan intends to purchase 100% of the equity in SunPower Philippines Manufacturing Ltd., a wholly-owned subsidiary of Maxeon, as well as 100% of the equity and related tangible and intangible assets of Maxeon’s non-U.S. sales subsidiaries. The final consideration will be determined based on financial statements and third-party valuation reports as of August 31, 2024. TCL Zhonghuan stated that MAXN, its controlled subsidiary, is a key layout for the company’s global business development, possessing [...]