FRESH FROM JAPAN. Trade Secretary Alfredo Pascual gives updates on his recent official trip to Japan at the DTI Office in Makati City on June 24, 2024. He said Japanese firms are delivering their investment pledges to the Philippines and have expressed more investments here. (PNA photo by Kris M. Crismundo)
MANILA – Japanese companies are delivering their investment commitments to the Philippines that they presented to President Ferdinand R. Marcos Jr. during his official trips to the East Asian country, the top trade official said on Monday.
Department of Trade and Industry (DTI) Secretary Alfredo Pascual told a briefing in Makati City that three large Japanese companies have poured in around PHP22.3 billion of investments in the country.
He said Taiheiyo Cement has invested PHP11.7 billion, which include the capital for its new Cebu manufacturing plant that will be inaugurated on July 18.
The investment is part of the PHP21-billion pledged by the company to Marcos.
Murata Manufacturing Corp. has also invested PHP7 billion out of its PHP47-billion letter of intent (LOI) submitted to the Philippine government.
“This is to build a manufacturing capacity in the First Philippine Industrial Park in Batangas,” Pascual said.
“The PHP7 billion include the construction of the building."
Pascual said the initial investments of Murata include the expansion of its capacity to produce multilayer ceramic capacitors, which is a key product for the electronics industry – the country’s largest export goods.
He said Sojitz Corp. has also increased its investments in the country from a commitment of PHP2.6 billion to an actual spending of PHP3.6 billion.
He said Sojitz’s investment in the country include spending for sustainable buildings and a digital infrastructure company.
He said the three companies are among the eight Japanese firms that the Marcos administration’s economic team met in their official trip to Tokyo last week.
Other Japanese firms that provided updates on their investment plans in the Philippines include Mitsubishi Corp., which reaffirmed their investments for the Metro Manila Subway Project; Sumitomo Corp., for its proposal to rehabilitate the Metro Rail Transit Line 3 (MRT 3), investments in renewable energy, and high-tech manufacturing; MinebeaMitsui, for the expansion of its semiconductor factory in Cebu; Yokohama Rubber Company, to boost its manufacturing capacity; and Marubeni Corp., for its partnership with Consunji-led company DMCI for power projects in the country as well as investing in other sectors like healthcare.
Pascual said the five other companies have yet to identify their total investments in the country.
He said Yokohama and MinebeaMitsui expressed more investment commitments, amounting to PHP7.4 billion.
“They have committed additional PHP7.4 billion (for) new investments that they are planning. These are from Yokohama and Minebea only. They expressed their intention to invest the additional amount,” Pascual said.
He said Yokohama alone is eyeing for an additional investment of USD60 million (PHP3.5 billion) for the expansion of its tire manufacturing in the country.
Marcos made official trips to Japan twice – in February and December 2023 – getting PHP771.6 billion in investment commitments from Japanese firms that are expected to create more than 40,000 jobs for Filipinos. (PNA)
