Global technology and services supplier Bosch is planning to invest in its third business hub in the Philippines.
Andrew Powell, managing director of Bosch in Philippines, disclosed the plan on Thursday, during the company’s 20th anniversary celebration in Manila.
The new business hub will will be opened by the year-end in Cagayan De Oro City, dubbed by the United Nations as one of nine “Emerging Cities of Tomorrow”.
Cagayan de Oro provides easy access to a large concentration of markets in Northern Mindanao, including mining and energy. In 2013, Bosch expanded its operations into Visayas and Mindanao with the opening of its Cebu City and Davao City business hubs respectively.
Bosch closed its 2014 fiscal year with $42.5 million in consolidated sales in the Philippines. Compared to 2013, Bosch had a double-digit growth of more than 45 per cent in 2014 making the Philippines its fastest growing market in Southeast Asia.
Bosch attributed the growth on the performance of the company’s power tools and automotive businesses, along with significant contributions from its security systems business which formally established local operations in 2014.