Philippines will get own tire factory

The Ministry of Agriculture of the Philippines, the local association of farmers engaged in the extraction of rubber (PRFA), and Phoenix Petroleum Philippines have signed a memorandum of understanding, which aims to create the country's first tire manufacturer.

As part of the memorandum signed on March 7, Phoenix Petroleum agrees to invest in Pilipinas Agila Tyre Manufacturing and help prepare a feasibility study for the creation of the Pilipinas Agila tire plant on the island of Mindanao.

Phoenix Petroleum will work on the project together with the Finnish company Black Donuts Engineering and provide financial and technical support to the project.

According to representatives of the government of the Philippines, the project will support the local natural rubber industry: other Asian countries already have their own tire companies, and the establishment of a tire plant in the Philippines will give local farmers a stable sales market and income.

In January of this year, representatives of Black Donuts Engineering have already visited the rubber plantations in Mindanao to assess whether the rubber produced by them is sufficient for the needs of the plant.

As expected, when it reaches full production capacity, the plant will produce about 4 million passenger, commercial and agricultural tires a year.