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Report: Samsung to invest $2B for Philippine facility

Posted: 20 Mar 2008 ?? ?Print Version ?Bookmark and Share

Keywords:Philippine facility? Clark Freeport administration? Samsung investments?

Various media outlets in the Philippines reported this week that a company belonging to Samsung Group, South Korea's largest conglomerate, will invest $2 billion for a facility in Clark Freeport Zone in Pampanga province, approximately 2hrs north of Manila.

Reports quoted Augusto Santos, acting director general of the National Economic Development Authority (NEDA), as saying that this investment will go to a facility that will require 36MW of power by November this year. No details were provided on the nature of the facility.

Clark Development Corp. has requested NEDA's approval for Phase 3 of the Clark 230kV Transmission Project to meet the power requirements of the South Korean investor. NEDA has already given the go-signal for Phase 1 and Phase 2 of the project and has allocated approximately $72 million for its immediate implementation.

Phase 3 is included in an executive order signed by Philippine President Gloria Arroyo in September last year. The directive was intended to provide for the power requirements of Texas Instruments Inc., which has committed $1 billion in investments.

Samsung Electronics Co. Ltd is already operating a plant at an industrial park in Calamba, Laguna province.

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