The Department of Trade and Industry expects stronger collaboration with Japan air-conditioning company Daikin Industries Ltd. amid the firm’s plan to expand business in the Philippines.
Trade Secretary Ramon Lopez expressed optimism over the company’ intention and looks forward to its business expansion.
“We welcome investors who wish to join the country’s growth story, and contribute in our mission to provide jobs to Filipinos and share the prosperity to all,” Lopez said over the weekend.
The Trade Department welcomed a letter from the head office of Daikin Industries, the mother unit of Daikin Air-conditioning Philippines, after clarifying its position to strengthen and expand business operations in the country.
Daikin Industries senior executive officer Yoshihiro Mineno conveyed to the department the company’s official position on investing in the Philippines.
“We do not have any complaint about (the) investment climate in the Philippines nor do not have any intention to criticize the policy of the government. Our real intension is to do our best to expand our business in the Philippines,” Mineno said.
The company is optimistic of increasing net sales by as much 50 percent in fiscal year April 2018 to 2019 to P4.95 billion from P3.3 billion in the previous year due to the increasing preference for split-type air-conditioning.
Meanwhile, the Trade Department is banking on the sustained growth of the manufacturing sector after an annual growth of 8.6 percent in 2017. Investments jumped 244 percent last year.
“The Philippines is a very important market for Daikin and has a big room for further expansion. [We] will continue and strengthen our action to expand business in the Philippines,” Mineno said.