CLARK FREEPORT – The Yokohama Tire Philippines Inc. (YTPI) here will hire at least 3,000 more workers as it launched a six-year expansion program worth $340 million.
This was disclosed by the YTPI officials in the signing of the memorandum of agreement (MOA) with the Clark Development Corp. (CDC) officials led by President and CEO Benigno Ricafort at the Holiday Inn here on Saturday.
YTPI President and CEO Takayuki Hayama said they will prioritize the hiring of local residents and Filipinos in high positions at the tire manufacturing firm. He added that two members of the YTPI board – Juanito Arona and Angelina Casasola – are from the country.
Established at Clark by the Japan-based Yokohoma Rubber Company Limited (YRCL) in 1996, the YTPI has some 2,000 workers and an investment amounting to $240 million. It will have a total investment of $600 million and some 5,000 workforce by 2017.
Ricafort said that he was “happy” that the expansion benefiting Clark and Pampanga came at his time as CDC president and CEO.
He added that it was a “collective effort” by the CDC officials and board in convincing firms to expand operations.
In his speech, YRCI Director and Managing Corporate Office Hikomitsu Noji said tire plant expansions are “special occasions because they are fruits of hardwork.”
He was the YTPI president and CEO before being replaced by Hayama last year.
President Benigno “Noynoy” Aquino was invited to grace the MOA signing but instead sent a message.
“Ventures like these sustain the momentum of our public-private-partnerships program and ultimately, rebound to the benefit of our citizens.
I am grateful for your continued support of our administration’s agenda and your trust in the Philippines’ business potential,” said Aquino.
Ricafort signed the MOA with Taganubo Nagumo, representative of the YRCL.
The YTPI said it produces seven million tires yearly since it started its operations.
It plans to operate the new tire plant – the first of its six-year expansion program by 2013. It added that it will be fully operational in 2014.
This was disclosed by the YTPI officials in the signing of the memorandum of agreement (MOA) with the Clark Development Corp. (CDC) officials led by President and CEO Benigno Ricafort at the Holiday Inn here on Saturday.
YTPI President and CEO Takayuki Hayama said they will prioritize the hiring of local residents and Filipinos in high positions at the tire manufacturing firm. He added that two members of the YTPI board – Juanito Arona and Angelina Casasola – are from the country.
Established at Clark by the Japan-based Yokohoma Rubber Company Limited (YRCL) in 1996, the YTPI has some 2,000 workers and an investment amounting to $240 million. It will have a total investment of $600 million and some 5,000 workforce by 2017.
Ricafort said that he was “happy” that the expansion benefiting Clark and Pampanga came at his time as CDC president and CEO.
He added that it was a “collective effort” by the CDC officials and board in convincing firms to expand operations.
In his speech, YRCI Director and Managing Corporate Office Hikomitsu Noji said tire plant expansions are “special occasions because they are fruits of hardwork.”
He was the YTPI president and CEO before being replaced by Hayama last year.
President Benigno “Noynoy” Aquino was invited to grace the MOA signing but instead sent a message.
“Ventures like these sustain the momentum of our public-private-partnerships program and ultimately, rebound to the benefit of our citizens.
I am grateful for your continued support of our administration’s agenda and your trust in the Philippines’ business potential,” said Aquino.
Ricafort signed the MOA with Taganubo Nagumo, representative of the YRCL.
The YTPI said it produces seven million tires yearly since it started its operations.
It plans to operate the new tire plant – the first of its six-year expansion program by 2013. It added that it will be fully operational in 2014.
