The Philippine's first major agri-machinery complex will soon rise in Cabanatuan City in Nueva Ecija province.
The area was dubbed as Korea Agricultural Machinery Industry Complex (KAMIC).
The total estimated investment for the facility is US$ 100 million -- US$ 80 million from Korean investors and US$ 20 million from the Philippine government, through the Department of Agriculture and the city government of Cabanatuan.
The Philippine Center for Postharvest Development and Mechanization (PHilMech) said the groundbreaking ceremony for the facility was led by President Ferdinand R. Marcos, Jr.
The complex is dedicated for the assembly and manufacture of agricultural equipment suited to local farms.
KAMIC is seen to generate about 10,000 jobs and increase productivity and income, which would positively impact the country's economy.
The construction of KAMIC complex will begin in 2026 inside a 20-hectare local government-owned property in Barangay Kalikid Sur.
The nine-year construction plan will unfold in three phases: SKD Assembly, CKD Assembly, and Manufacturing Assembly.
During the groundbreaking ceremony, Marcos acknowledged the contributions of the Korean investors and government.
“To our Korean partners, thank you for believing that the Philippines is worth investing in. Thank you for trusting the Filipino farmer and for taking part in our shared progress. Kamsahamnida. Our partnership together brings technology and hope to these individuals who nourish and who sustain us. I assure you that the government will continue to promote policies to protect your investments here in the Philippines,” he said.