The Philippines has inaugurated Monday the StB Giga Factory, the country’s first facility for manufacturing lithium-iron-phosphate batteries, which is projected to contribute over 5 billion pesos (over US$88.9 million) to the local economy once fully operational.

This factory is located in the Filinvest Innovation Park at New Clark City, funded by Australian investment firm St Baker Energy, following commitments made by Philippine President Ferdinand R. Marcos Jr. during his March visit to Melbourne for the ASEAN-Australia Special Summit.

The Philippine government expects the factory to generate about 2,500 jobs across multiple sectors including engineering, finance, and administration by 2030.

The initial production will produce the equivalent of 6,000 electric vehicle batteries or 60,000 home battery systems.

The factory’s output plan indicates that 70% of its production will be exported to Australia, Southeast Asia, and North America. The remaining 30% will be sold in the Philippines.