The Philippines has attracted an investor in the manufacture for export of bicycles as global demand for alternative transportation rises.
The Board of Investments (BOI) has approved the registration of TRINX Bicycle Sport Technology Corp. (TBSTC) for a P356.4-million project that will manufacture road and mountain bikes, foldable electric bikes (e-bikes), and other bike variants in its proposed plant in Sta. Maria, Bulacan.
TBSTC will export at least 75 percent of its production to the United States and Europe with the rest targeted towards the booming domestic market.
The Philippines is a net exporter of bicycles (in terms of value) as of 2019 with a surplus of $10.2 million, data from the Philippine Statistics Authority showed. The country exported $39.1 million worth of bicycles while importing $28.9 million in the same year with the United Kingdom and Ireland as top export markets.
Bicycles are among the products the Philippines with duty-free privileges under the Generalized System of Preferences scheme.
As a new export producer of bicycles, TBSTC is qualified for incentives under the Export Activities category of the 2020 Investment Priorities Plan.
TBSTC is 60 percent Filipino-owned and 40 percent Chinese, representing the Guangzhou, China-based Trinity Group which owns the Chinese TRINX brand, a top brand in China with more than 1,000 terminal sales outlets in more than 30 areas in that country.
The TBSTC facility in Bulacan is slated to begin operating commercially in September 2021 with a production capacity of up to 200,000 units annually. The project will initially employ 65 personnel and 100 by the fifth year.
The project is expected to keep the TRINX quality standard by applying the same manufacturing technology in China to sustain the image of the TRINX brand.
TBSTC’s sister company, Onetrinity Corp. imports and distributes TRINX bicycles in the country.