President Ferdinand R. Marcos Jr. said Monday that the Philippines has the talent, determination, and infrastructure to realize even the boldest ideas of tech startup investors, making the country the best place for their next big bet.
"If you are an entrepreneur, a startup, or 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," he said at the inauguration of the P7-billion StB Giga Factory in New Clark City.
He also invited technology startups and other industry players to consider the Philippines as an investment destination, emphasizing the country's talent pool and readily available infrastructure for turning their ideas into reality.
Marcos led the inauguration of StB Giga Factory, the first manufacturing plant in the Philippines for advanced iron phosphate batteries, which are often used in renewable energy and electric vehicles (EVs).
The President said this will set the stage for the country to become a key player in clean energy storage in Southeast Asia.
"And to the rest of us, I will say, do not blink. Change is happening faster than you think," the President said during the launch.
With the inauguration, Marcos said the Philippines sends a message to the world that it is ready to innovate, lead, and become the go-to destination for high-tech, high-impact investments.
Once the factory reaches total capacity, Marcos said it's expected to channel P5 billion into the local economy annually and create 2,500 jobs for Filipinos—from engineers and technicians to administrative personnel.
When StB Giga reaches total capacity by 2030, it will produce two gigawatt-hours of batteries annually, equivalent to around 18,000 electric vehicles or almost half a million home battery systems.
Funded by StB Capital Partners, a venture capital firm based in Brisbane, Australia, the factory will start commercial operation this October.
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