Multinational packaging firm Silverpack Sdn Bhd is looking to invest P500 million to put up its first manufacturing plant in the country in the next two to three years.
In an interview, a Silverpack official said the company plans to conquer Southeast Asia over the next decade through aggressive expansion of its manufacturing facilities and sales office across the region.
“Our plan is to set up manufacturing plants in Asean in 10 years’ time. We already have a factory in Malaysia and China. We have sales offices in Singapore, Sri Lanka and Thailand. We also need to set up sales offices in the entire Southeast Asia,” Silverpack regional sales director Jeffrey Ng said.
In the Philippines, Ng said the company intends to gather a sizable market share initially before putting up a manufacturing plant in two to three years.
Ng said Silverpack is currently in talks with large food manufacturing companies in the Philippines for the export of its products.
“We are expanding because companies are also expanding. When they do well, we will do well as well,” he said.
Silverpack’s clients in Philippines are still mostly small and medium enterprises which import about P3 million to P4 million worth of products a month.
The company is looking to tap large Filipino conglomerates which invest in their own packaging plants for their businesses.
Ng said a candy manufacturer, for instance, spends 10 percent of its total cost for packaging alone while a high value goods manufacturer spends five to seven percent.
Silverpack’s packaging materials are used by a wide range of food industries such as coffee, tea, confectionery, milk products, snacks, biscuits, instant food items, oil, seafood, pet food, sweets, jelly top seal, fruit drinks, personal care series, and moon cakes.
The Embassy of Malaysia Trade Office (Matrade) Manila said Silverpack is among the top five packaging companies in Malaysia at present.
Matrade commissioner Nyaee Ayup said Silverpack’s expertise in packaging would help support a wide range of food industries in the Philippines.
“Instead of setting up their own packaging division, the food manufacturers in the Philippines can focus on their main line of business, if they will tap Silverpack for their packaging needs,” Ayup said.