President Marcos has inaugurated the Philippines' first manufacturing plant for lithium-iron-phosphate batteries, which, he said, sets the stage for the country to become a key player in clean energy storage in Southeast Asia.
Aside from promoting clean energy, the StB Giga Factory in Tarlac also signifies that the country is on its way to be a "go-to destination" for high-tech and high impact investments, Marcos said.
“I cannot overstate the importance of this investment. Hence, the silly grin on my face. It sends this message to the world: The Philippines is now ready—to innovate, to lead, to become the go-to destination for high-tech, high-impact investments,” he said in his speech at the switch-on ceremony on Monday, Sept. 30.
The factory, Marcos further said, will entice more investors to enter the country’s renewable energy landscape as it transitions to clean energy amid the threats posed by climate change.
“The upstream and the downstream businesses that will come from this are just going to be tremendous,” he said.
“We also welcome StB Giga’s plan to enter the EV product market in the coming years. This aligns with our plans to develop the country’s EV (electric vehicle) industry and produce locally-made EVs and EV components, reducing our reliance on imported fuels,” he added, stressing that the adoption of EVs must be prioritized to mitigate the effects of climate change.
He said every step towards sustainable energy development “is an investment in a brighter, healthier future for our children, for our country.”
The President also noted that the factory was among the pledges that the country secured during the Philippine Business Forum in Australia, Melbourne in March this year.
Marcos also highlighted that once the factory reaches full capacity, it is projected to bring P5-billion investment and generate about 2,500 employment opportunities for Filipinos.
“Looking towards the future, when this factory reaches full capacity, it is expected to channel P5 billion into the economy annually. It will create 2,500 jobs for Filipinos. And these are not just regular jobs, these are very important high-tech jobs, quality jobs that we would like to bring to our countrymen," Marcos said.
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 P7 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.