Trade and economic relationship between the Philippines and Japan remains strong, as the Department of Trade and Industry (DTI), Philippines and the Board of Investments (BOI) recently secured investment pledges of USD 1.24 billion from Japanese firms during its business mission to Japan from March 11-13, 2019.
These investments are in the areas of Manufacturing, retail, real estate, automotive, agriculture, as well as education. Among the firms which have committed investments are the following:
Mitsubishi Corporation, in a joint venture with a Filipino real estate company, will build affordable housing units with an investment of USD 76 million.
Mitsui OSK Lines Ltd., together with Magsaysay Maritime Corporation, will inaugurate the MOL Magsaysay Maritime Academy for USD 5.3 million.
Itochu Corporation, through its subsidiary Dolefil and in collaboration with Metro Pacific Investment Corporation, will invest in a waste-to-Energy project worth USD 19.2 million converting fruit wastes into bio-gas.
Sumitomo Wiring Systems will invest USD 46 million into a Manufacturing facility to produce wire harness systems for automotive. The BOI will assist the company in identifying potential location of the factory.
ISE Food’s USD 250 million will be poured into building a large-scale poultry farm composed of five integrated farms with a combined capacity of six (6) million layers.
Nomura and Isetan Mitsukoshi eye expansion and will open a Japanese retail concept mall which will offer 30,000 retail spaces and 1,400 housing units in Cebu or Davao.
Tescom Denki aims to establish its Manufacturing facility for beauty care products in the Philippines.
NIDEC Corporation is interested to create an Automation Team in the Philippines in charge of mass production of devices for robots.
Terumo Philippines will develop new products in the Philippines.
These projects are expected to create 16,000 local jobs in the Philippines. Meanwhile, the DTI and BOI addressed the concerns of foreign companies on the new incentive system for foreign investors amid the newly-enforced TRAIN law as well as the second wave of taxation called the Tax Reform for Attracting Better and Higher Quality Opportunities (TRABAHO) Bill.
(Sources: Philippine News Agency; Manila Bulletin)