TOKYO, Japan—Philippine-Japanese trade relations remain robust, as the Philippine mission to Japan headed by the Department of Trade and Industry secured over P20-billion investment commitments from Japanese firms during the three-day visit from February 28 to March 2.
On the sidelines of the Investment Forum in Tokyo and the 35th annual meeting of the Japan-Philippines Economic Cooperation Committee and the Philippines-Japan Economic Cooperation Committee 35th annual meeting, Trade Secretary Ramon M. Lopez met with two top Japanese executives who 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,” Lopez said.
The projects with Tsuneishi are projected to generate P15.2 billion in revenue, with 32,000 additional direct and indirect jobs in shipbuilding and the biofuel industry.
Ichijo Co. Ltd., a prefabricated housing-component manufacturing company, also discussed with the trade chief their plans of further expanding their facility in Cavite by building a two-story 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 No. 6 in Japan to No. 1, alongside Sekisui House,” said Lopez, highlighting investor opportunities in the Philippines.
Lopez also met with senior executives of Sōgō Shōsha, Japan’s seven major trading houses, namely, Mitsubishi Motors, Mitsui and Co. Ltd., Sumitomo Corp., Itochu Corp., Marubeni Corp., Toyota Tsusho and Sojitz Corp., joined by Transportation Secretary Arthur P. Tugade and Jose Laurel V.
The Sōgō Shōsha group expressed interest to further trade partnerships with the Philippines in the fields of renewable energy, railway and transportation, water management and security.
These projects include a coal-power plant with an estimated cost of over P75 billion, capacity enhancements of mass transportation, namely, Light Rail Transit (LRT) Line 1 South extension, LRT Line 2 East extension, North-South Commuter Railway Project and the 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, the Sōgō Shōsha group of companies (including subsidiaries and affiliates) expressed investment interests amounting to P198.5 billion in the aforementioned segments of the Philippine government’s economic development plan.
The Philippine mission to Japan garnered more than P200-billion investment interests, securing over P20 billion worth of commitments from Japanese companies.
“The Japanese investor remains confident of business prospects in the Philippines.” said SLopez. “We urge Japanese investors to invest in the Philippines as it experiences its momentous economic takeoff in the region.”