The Board of Investments said Wednesday it approved the P356.4-million bicycle manufacturing project of TRINX Bicycle Sport Technology Corp. under the export activities category of the 2020 Investment Priorities Plan.
TBSTC will manufacture road and mountain bikes, foldable electric bikes (e-bikes) and other bike variants in a plant in Sta. Maria, Bulacan. The company said it would export at least 75 percent of its production to the United States and Europe and sell the rest to the domestic 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 scheme,” said Trade Undersecretary and BOI Managing Head Ceferino Rodolfo.
He said the government was actively encouraging the public to adopt alternative modes of transportation, like cycling, especially in cities or urban areas.
Data from the Philippine Statistics Authority showed that the Philippines was a net exporter of bicycles with a surplus of $10.2 million in 2019. The country exported $39.1 million worth of bicycles while importing $28.9 million in the same year, with the United Kingdom and Ireland as top export markets.
TBSTC is a 60-percent Filipino-owned and 40-percent Chinese company, representing the Guangzhou, China-based Trinity Group which owns the Chinese TRINX brand, a top brand in China. It has more than 1,000 terminal sales outlets in over 30 provinces, cities and autonomous regions in China.
The TBSTC facility in Bulacan will open in September 2021. The facility is capable of producing up to 200,000 units annually and employs 65 personnel at the onset with plans to increase its manpower to 100 by the fifth year.
The project is expected to sustain the TRINX quality standard by employing the same manufacturing technology in China to sustain the image of the TRINX brand.
MTBSTC sister company Onetrinity Corp. imports TRINX bicycles and will exclusively distribute the bikes in the Philippines. Onetrinity has sold 35,000 units annually since it started in 2013.
The Trinity Group is a comprehensive enterprise group engaged in the development, production and distribution of complete bicycles and bicycle components.
It introduced the TRINX brand in 2006 which is a variety of high-grade and mid-grade mountain bikes. It also has a different range of road bikes such as road, city, children bikes, and e-bikes.