MANILA (Reuters) – Singapore-based Dyson Ltd., the inventor of the bagless vacuum cleaner, plans to invest 11 billion pesos ($193.5 million) in a new factory in the Philippines, the office of President Ferdinand Marcos Jr. said in a statement on Saturday.
The announcement came as Marcos was in Singapore where he met with Dyson officials, the statement said.
The consumer electronics company made a decision earlier this year to invest further in the Southeast Asian country, where it has a factory producing electrical motors, it said.
The new investment will cover a new plant, research and development, staff expansion and software that Dyson will need in the next two years, it said.
Dyson did not immediately reply to a request for comment.
Marcos said Dyson’s investment will mean job opportunities particularly for Filipino software engineers.
In 2020, Dyson announced a S$4.9 billion ($3.59 billion) global investment plan, with the money to be divided between the company’s global head office in Singapore, its two campuses in Wiltshire, southern England, and the Philippines.
($1 = 56.8500 Philippine pesos)
($1 = 1.3632 Singapore dollars)
(Reporting by Enrico Dela Cruz)