Japan firms signal interest in investments worth P198.5B

JAPANESE businesses have expressed interest in investing as much as P198.5 billion in the Philippines, according to the Department of Trade and Industry (DTI).

“Department of Trade and Industry Secretary Ramon M. Lopez met with senior executives of Japan’s seven major trading houses in Tokyo recently (March 1, 2017) to discuss President Rodrigo R. Duterte’s economic programs and Japanese companies investment interests in the Philippines, conservatively valued at P198.5 billion,” said DTI in a statement.

These investment inquiries include coal-fired power plants, Mindanao farming expansion projects, Nickel mining in Surigao and Palawan and DTI’s Comprehensive Automotive Resurgence Strategy (CARS) program.

On March 1, Trade Secretary Ramon M. Lopez, together with Transportation Secretary Aurthur P. Tugade and Philippine Ambassador Designate Jose Laurel V met with the major trading houses — Mitsubishi Corp., Mitsui and Co., Ltd., Sumitomo Corp., Itochu Corp., Marubeni Corp., Toyota Tsusho, and Sojitz.

According to DTI, Marubeni is willing to invest P75 billion in additional coal power plants over the medium term.

Itochu and Sumitomo, through the Department of Labor and Employment and Sumifru (Philippines) Corp., are willing to invest P12.9 billion until 2018 in expanding their integrated farming projects in Mindanao.

Sumitomo, Sojitz, and Mitsui, will be jointly investing P80 billion in Coral Bay Nickel Corp. and Taganito High Pressure Acid Leaching Nickel Corp. in Surigao and Palawan.

Groups with car operations like Mitsubishi, Sojitz, Mitsui, and Toyota Tsusho are also participating in DTI’s CARS program, which aims to raise local automobile manufacturing in order to expand the country’s production of car parts.

All seven trading houses have expressed interest in engaging in the country’s “Golden Age of Infrastructure,” particularly projects in railways and subways, airport development projects, the Clark Green City Project and the Expanded Port and Roll On Roll Off Building Programs.

“Through sound and consistent macroeconomic policies, the country continues to attract serious investments,” Mr. Lopez said in a statement.

He said that strong fundamentals such as robust economic growth, increasing population, current trade agreements and a skilled young work force, “plus political will and focused trade and investment policies” serve as a “magnet for foreign investments.” —