THE Board of Investments (BoI) has approved the application of Trinx Bicycle Sport Technology Corp. as an export producer of bicycles that qualifies it for incentives.
In a statement on Wednesday, the BoI said the P356.4-million project will manufacture road and mountain bikes, foldable electric bikes, and other bike variants in Trinx’s proposed plant in Sta. Maria, Bulacan.
It added that the approval of the company’s application allows it to qualify for incentives under the export activities category of the 2020 Investment Priorities Plan.
Trinx is estimated to export at least 75% of its production to the United States and Europe, while the remaining output will be for the local market.
Trade Undersecretary Ceferino S. Rodolfo said the approval of Trinx’s application will strengthen the country’s position as a net exporter of bicycles while also meeting local bicycle and electric bike demand.
“It will 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,” Mr. Rodolfo said in the statement.
According to BoI, Trinx is 60% Filipino-owned and 40% Chinese, represented by the Trinity Group based in Guangzhou, China.
Trinity Group owns the Chinese Trinx brand and has 1,000 terminal sales outlets across 30 provinces, cities, and autonomous regions.
The BoI said the facility of Trinx in Bulacan is projected to begin commercial operations by September 2021, and has an annual production capacity of 200,000 units.
It added that 65 personnel will be initially employed, with plans to increase employees to 100 by the fifth year. Trinity Group was formed in 1990 and has business interests in bicycles and bicycle components.
The BoI said the Trinx brand was launched in 2006, with high-grade and mid-grade mountain bikes as its main products. The company has a different range of road bikes such as road, city, children bikes as well as e-bikes, the board added.
Citing Philippine Statistics Authority figures, BoI said the Philippines is a net exporter of bicycles in terms of value as of 2019 with a surplus of $10.2 million. It added that the country exported $39.1 million worth of bicycles and imported $28.9 million in the same year with the United Kingdom and Ireland as top export markets. — Revin Mikhael D. Ochave