13 Japanese firms to invest $1.24 B in new projects
Some 13 Japanese firms are planning to invest a total of $1.24 billion in new projects in the Philippines, the Department of Trade and Industry (DTI) said.
Trade Secretary Ramon Lopez said the $1.24 billion worth of investments would be spent for various projects in the manufacturing, agriculture, retail, real estate, automotive, as well as education sectors, and create 16,000 jobs.
Lopez met with representatives of 20 companies in Japan last week as he attended a business forum organized by the DTI with the Philippine Trade and Investment Center.
Among the Japanese firms planning to invest in the country this year is Mitsubishi Corp. through a $76 million joint venture project with a Philippine real estate firm to offer affordable housing.
Mitsui O.S.K. Lines Ltd.’s $5.3 million investment, meanwhile, is for the Magsaysay Maritime – Mitsui O.S.K. Lines’ Maritime Academy.
Itochu Corp. through subsidiary Dole Philippines Inc. or Dolefil, is also spending $19.2 million for a waste-to-energy project to convert pineapple waste into biogas.
Itochu’s joint venture project with infrastructure conglomerate Metro Pacific Investments Corp., is expected to produce electricity that can replace 20 percent of their yearly grid requirement.
ISE Food is likewise pouring in $250 million to put up a large-scale poultry farm with Philippine companies.
Composed of five integrated farms, the project will offer 1,000 jobs and train Filipino workers on the latest technology for poultry farming and fortified egg production.
As for Sumitomo Wiring Systems Inc., it is set to invest $46 million for a manufacturing facility wire harness systems used in auto vehicles, and generate 13,000 jobs.
Lopez said Sumitomo is looking for a 20-hectare area for the location of the manufacturing facility and the BOI is providing assistance in helping find possible sites.
In addition to the five firms, other Japanese firms keen to invest in the Philippines include Terumo (Philippines) Corp. which is engaged in the manufacture, sale and export of medical devices and planning to expand by developing new products in the country, NIDEC which is looking to establish an automation team in the country for the mass production of devices for robots, as well as Nomura Real Estate and Isetan Mitsukoshi Holdings which would work together to build malls in the country, and Tescom which is engaged in design and sales of hair dryers and other home appliances.
Other Japanese firms planning to make investments did not want their names to be disclosed, as well as the amount they intend to pour into the country.
“These expansion projects and new investments are proof that foreign companies have strong confidence in our country’s economic stability and business environment under the Duterte administration. They wish to grow their business and partner with us in providing more jobs and opportunities for Filipinos,” Lopez said.