Marcos to tech investors: Look no further

MANILA, Philippines — President Marcos yesterday urged tech investors to choose the Philippines as a launching pad for their “boldest ideas,” as he led the inauguration of a P7-billion battery factory seen to spur investments in renewable energy.

During the inauguration of the StB Giga Factory in New Clark City, Marcos said the Philippines is in the middle of a “technological storm” and while it is not yet launching rockets, it is stepping boldly into a “sustainable, innovative and transformative” future.

He added that the inauguration of the battery factory sends a message to the world that the Philippines is “now ready to innovate, to lead, to become the go-to destination for high-tech, high-impact investments.”

“So, if you are an entrepreneur, a startup, an industry leader wondering where to place your next big bet, look no further. We have the talent, certainly the determination and now, the infrastructure to make your boldest ideas a reality,” the President said.

“Let us remember why we are doing this. Beyond the figures and the projections and the technology, it comes down to our shared responsibility to our environment and to the next generation,” he added.

The StB Giga Factory is the country’s first manufacturing plant for lithium-iron-phosphate batteries. The project is funded by Australian investment firm St Baker Energy and was among the investment commitments announced during the Association of Southeast Asian Nations-Australia Special Summit last March.

The amount of business deals forged during the event totaled P86 billion, according to officials.

StB Giga is projected to earn some P5 billion every year once it reaches full capacity and generate 2,500 jobs. It is the first locator at the Filinvest Innovation Park within the 9,450-hectare New Clark City managed by the Bases Conversion and Development Authority.

The company seeks to manufacture two gigawatt-hours of batteries every year by 2030, an output seen to support some 18,000 electric vehicles or nearly half a million home battery systems. It will have invested about $35 million in the Philippines once it reaches its target capacity.

Marcos said the inauguration of the factory demonstrates