Hong Kong toy manufacturers are considering investing in the Philippines, according to the Board of Investments.
The BOI said the interest was disclosed by officers and members of the Toys Manufacturers’ Association of Hong Kong, which recently had an online information session with the agency on investment opportunities in the country.
Composed of 250 members, mainly toy manufacturers with factories both in Hong Kong and China, the association seeks to develop the Hong Kong toy industry and brand.
Citing the members’ rising production costs, it said the firms are seriously looking at the Philippines for possible relocation and expansion plans.
Trade Undersecretary and BOI managing head Ceferino Rodolfo said the association’s interest shows the country’s competitive advantage as an ideal investment destination.
Rodolfo added, “We have put in place incentives that create an investor-friendly landscape.”