PH secures P27.2B of investments from Japan

PHILIPPINE-JAPANESE economic relations continue to expand as the Philippines successfully confirms P27.2 billion worth of business engagement commitments, following the three-day visit of the country’s top officials to Japan on February 28, 2017 to March 2, 2017.

At the sidelines of the Department of Trade and Industry (DTI) – organized Philippine Business Forum in Tokyo and the 35th Annual Meeting of the Japan-Philippines Economic Cooperation Committee (JPECC) and the Philippines-Japan Economic Cooperation Committee (Philjecc), Department of Trade and Industry (DTI) Secretary Ramon Lopez met with Japanese executives of top private firms who expressed interest in investing and expanding business activities in the Philippines.

Lopez met with Tsuneishi President Kenji Kawano to discuss the expansion plans of the company in the Philippines.

“These projects with Tsuneishi involve a 120-hectare ship reuse center in Negros Occidental, a biomass fuel project in Mindanao, and an international steel recycling facility that will be equipped with state of the art green technologies,” he said.

The projects with Tsuneishi are estimated to add P5 billion to the P10.2 billion existing commitments and and additional 6,000 to the 26,000 jobs expected for a total P15.2 billion worth of investment pledges and direct and direct employment prospects for 32,000 workers in shipbuilding, biofuel and steel recycling industries.

Meanwhile, prefabricated housing components manufacturing company Ichijo Co. Ltd, also discussed with the trade chief its plan to expand its facilities in Cavite with the construction of a twostory warehouse, whose estimated value reaches nearly P2 billion. The expansion would provide employment opportunities for 600 Filipinos.

“Ichijo’s competitive operations in the Philippines made its number 6 ranking closer to the standing of the industry frontrunner Sekisui House,” he added.

Furthermore, another Japanese company in technology solutions confirmed expansion of operations in the amount of P10 billion and some 20,000 new jobs on top of their existing 25,000 strong labor pool.

Lopez also joined Transportation Secretary Arthur Tugade and Philippine Ambassador to Japan Jose V. Laurel in a breakfast meeting with senior executives of Japan’s seven major trading houses namely Mitsubishi Corporation, Mitsui & Co., Ltd., Sumitomo Corporation, Itochu Corporation, Marubeni Corporation, Toyota Tsusho and Sojitz Corporation.

The Sogo Shosha group confirmed interest in forging partnerships with the Philippines in projects in diverse fields such as power generation, railway and transportation, water management and security.

Examples of such projects include a coal power plant with an estimated cost of over P75 billion, capacity enhancements of mass transportation, namely LRT Line 1 South extension, LRT Line 2 East extension, NorthSouth Commuter Railway Project, possible development of transit systems in Davao, Cebu and Clark, and enhancement of the Philippine Coast Guard (PCG) fleet of Multi Role Response Vessels (MRRV).

For the latter half of 2016 to 2018, the Sogo Shosha’s group of companies, including subsidiaries and affiliates, reported business engagement interests in projects amounting to P201.15 billion

in priority segments of the present government’s Philippine economic development plan.

The Philippine Mission garnered business leads valued at over P220 billion and employment prospects for over 30,000 workers from Japanese companies.

“These commitments are a testament of Japanese investors’ ever-growing confidence in the Philippines,” Lopez said, adding that now is the perfect timing to push for investment opportunities, especially since the Philippines experiences momentous economic takeoff in the region.