BICYCLE enthusiasts got a shot in the arm with a government move that will help meet the growing demand for bikes during the pandemic.
Recently, bike brand TRINX Bicycle Sport Technology Corp. (TBSTC) got the approval of the Board of Investments (BOI) on its application to become an Export Producer of Bicycles in the country.
The project worth P356.4 million will pave the way for the manufacturing of road, mountain, and foldable electric bikes at its proposed plant in Sta. Maria, Bulacan not just for sale locally but for the international market as well.
TBSTC is 60 percent Filipino-owned and 40 percent Chinese representing the Guangzhou-based Trinity Group, which owns the TRINX brand.
The project is seen to boost the production of bicycles that have become in great demand due to the limited public transportation available as well as restrictions on physical activities brought about by the COVID-19 pandemic.
In a press release, the Department of Trade and Industry said a least 75 percent of the TRINX's production will be exported to the US and Europe, while the rest will target the local market.
“This is timely and relevant, as it will not only supply the local demand for bicycles and electric bikes but also strengthen our position as a net exporter of bicycles with strong demand from overseas markets, including those in which we enjoy zero-duties under the Generalized System of Preferences (GSP) scheme,” said Trade and Industry undersecretary and BOI managing head Ceferino Rodolfo.
Rodolfo added the project underscored the desire of the Philippine government to choose other forms of transportation such as cycling.
The TBSTC facility is targeting to become operational by September 21.
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