Nidec Subic Philippines Corp. is hiking employment by 550 percent with its new project that will cost P4 billion.

Nidec officials led by president Takeshi Yamamoto and administration adviser Toshihiko Kasahara disclosed to the Subic Bay Metropolitan Authority (SBMA) the new project will increase its workforce to 4,068 from its current number of 625.

Located inside the Subic Bay Freeport Zone, the new project will entail the production of Flexwave, a mid-sized speed reducer used in the manufacture of power assist suits, SBMA said.

It said the project is part of the Nidec’s thrust to fulfill its annual production target of 350,000 units that will be exported to the United States, Europe, Japan, Korea, China, India and Brazil.

Nidec first established a factory in the Philippines in 1995. Its two factories in Laguna and one in Subic are engaged in the manufacture of motors and reducer gears.

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