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TOKYO – Philippine-Japanese trade relations remain robust as the Philippine mission to Japan headed by the Department of Trade and Industry (DTI) secures over P20-billion investment commitments from Japanese firms during the three-day visit.
During the Investment Forum in Tokyo and the 35th annual meeting of the Japan-Philippines Economic Cooperation Committee (JPECC) and Philippines-Japan Economic Cooperation Committee (PHILJECC) 35th Annual meeting from Feb. 28 to March 3, DTI secretary Ramon Lopez met with top Japanese executives who have specified their interest to invest and expand in the Philippines.
Lopez met with Tsuneishi president Kenji Kawanoto to discuss the expansion plans of the company in the Philippines.
“These projects with Tsuneishi involves a 120-hectare ship reuse center in Negros Occidental, a Biomass Fuel Project in Mindanao, and an International Ship Recycling Facility that will be equipped with state of the art green technologies,” said Lopez.
The projects with Tsuneishi are projected to generate a total number of P15.2 billion with 32,000 additional direct and indirect jobs in Shipbuilding and Biofuel industry.
Ichijo Co. Ltd, a prefabricated housing components manufacturing company, also discussed with the trade chief about their plans of further expanding their facility in Cavite by building a two-storey warehouse. The facility is estimated to cost nearly P2 billion and generate roughly around 600 additional jobs.
“Ichijo’s competitive operations in the Philippines catapulted its ranking from number 6 in Japan to number 1, alongside Sekisui House,” said Lopez, highlighting the investor opportunities in the Philippines.
The DTI chief also discussed with senior executives of Sōgō Shōsha, Japan’s seven major trading houses namely Mitsubishi Motors, Mitsui & Co., Ltd, Sumitomo Corporation, Itochu Corporation, Marubeni Corporation, Toyota Tsusho and Sojitz Corporation, joined by Department of Transportation (DOTr) secretary Arthur Tugade and Jose Laurel V.
The Sōgō Shōsha group expressed interest for further venture on participation in trade partnerships with the Philippines namely in the fields of renewable energy, railway and transportation, water management and Security.
These projects include a coal power plant with an estimate cost of over P75 billion; capacity enhancements of mass transportation namely LRT Line 1 South extension, LRT Line 2 East extension, North-South Commuter Railway Project; and possible development of transit systems in Davao, Cebu and Clark, Philippine Coast Guard Multi Role Response Vessels.
For the latter half of 2016 to 2018, Sōgō Shōsha group of companies (including subsidiaries and affiliates) expressed investment interests amounting to P198.5 billion in the aforementioned segments of the present government’s Philippine economic development plan.
“Japanese investor remains confident of business prospects in the Philippines,” said Lopez. “We urge Japanese investors to take the chance to invest in the Philippines as it experiences its momentous economic takeoff in the region.”/PN
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