Malacañang on Saturday said that the Singapore-based multinational technology firm Dyson is about to invest around P11 billion in the Philippines which is expected to generate more than 1,000 jobs by 2024.

This is after President Ferdinand Marcos Jr. had a meeting with the Dyson executives officials and confirmed an investment pledge from the company for over the next two years, Presidential Communications Office Secretary Cheloy Garafil said in a statement.

Garafil said the investment plan would be used for the establishment of a new factory and a new research and development center in the Philippines, including the expansion of the company's staff, software, and other services.

She also cited that Dyson emphasized that their investment would generate around 1,250 employees and "would move more contract manufacturing into the Philippines by the middle of 2024, or the second or third quarter of the year."

Marcos welcomed Dyson's interest in investing in the Philippines.

"So, well, let's see with all those that we have, that we can do," the President said, adding that "this will be very interesting" for the Philippines and the Filipino people.

Marcos emphasized that their investment would mean hiring more software engineers and other engineering graduates.

For their part, Dyson officials told Marcos that they are very proud to be in the Philippines already as "they emphasized that they have a significant number of operations in the country."

Dyson only has a factory in the Philippines to produce its electrical motors to date.

Garafil said Dyson decided three or four months ago to expand its operations in the country.

In a news release on its website in May, Dyson noted that the Philippines Technology Centre, representing an investment of PHP 11 billion, will span the equivalent of 92 basketball courts, and will bring together Dyson's research, development, and advanced motor manufacturing capabilities under one roof," to be located in City of Sto. Tomas, Batangas, and scheduled to be operational by the first half of 2024.

"It is thought to be one of the largest investments, and most advanced technology manufacturing centers, in the country and underscores the growing importance of the Philippines in Dyson's global ambitions," the company said.

Dyson R&D (research and development) teams in the Philippines will be focused on software, AI, robotics, fluid dynamics, and hardware electronics, the company said.

"These fields of expertise are critical for Dyson's high-performing products, from robotic technologies to air enhancement technologies, and beauty products, such as the Dyson Supersonic hair dryer, which are increasingly enabled by software, sensors, and connectivity," it said.

Dyson said the architecture of the Batangas campus will prioritize air quality, natural light, and greenery to support collaboration and the generation of new ideas. It will include leisure and sports areas, as well as laboratories and offices.

In a video message, House of Representatives Speaker Ferdinand Martin Romualdez said he and other Philippine government and business leaders joined Marcos in Singapore to review current legislation, particularly on laws that govern the treatment and the appreciation of foreign investments into the country.

"We will do everything to amend the law to make the country more open to foreign direct investment. So, we will do everything in accordance with the) Foreign Investment Act and the Retail Trade Liberalization to open up the economy to foreign direct investments," Romualdez said mixed in Filipino.

Dyson's headquarters in Singapore is a hub for its research and engineering teams, as well as commercial, advanced manufacturing, and supply chain operations.