Marcos: US firm to build $200-M glove plant
ILLINOIS-BASED US Medical Glove Co. plans to invest about $200 million to build a production hub in the Philippines that could create more than 2,000 jobs, President Ferdinand R. Marcos, Jr. said on Wednesday.
The planned facility will produce medical gloves and other supplies for healthcare providers and the military, he said at a livestreamed briefing from New York.
“They have sent representatives to the Philippines [and are] already starting [preparations] to build their first plant,” Mr. Marcos said. “They want to expand further.”
The amount is $200 million at least in the beginning, he said, noting that the company has secured a local partner to support its operations. “But we’re already talking about the larger investment,” he added.
Mr. Marcos said the project could help position the Philippines as a producer and exporter of medical supplies rather than a net importer.
Company officials told him that the manufacturing process could be deployed quickly, with production able to begin within 48 hours once a facility is completed and equipment is installed.
The investment discussion was among the outcomes of the President’s two-day working visit to New York City, where he met business leaders and investors on the sidelines of the 70th session of the Commission on the Status of Women and a special plenary meeting of the United Nations General Assembly.
During the trip, Mr. Marcos also met executives from JPMorgan Chase & Co. including Chairman and Chief Executive Officer Jamie Dimon to discuss economic cooperation and global financial market developments.
The bank shared insights on rapid advances in artificial intelligence and the need for governments and institutions to prepare for its impact on economies, industries and labor markets, Mr. Marcos said.
The discussion highlighted the growing importance of technological readiness, cybersecurity resilience and workforce upskilling to remain competitive in a rapidly changing global environment, he added. — Erika Mae P. Sinaking
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