Trade Secretary Ramon Lopez said the department secured $1.24 billion worth of investment commitments from Japanese companies in a recent trade mission.
Lopez said the commitments to invest in or expand in the Philippine would create 16,000 jobs, mostly in the areas of manufacturing, agriculture, retail, real estate, automotive and education.
“These expansion projects and new investments are proof that foreign companies have strong confidence in our country’s economic stability and business environment. They wish to grow their business and partner with us in providing more jobs and opportunities for Filipinos,” Lopez said in a statement over the weekend.
Lopez and the Philippine Trade & Investment Center engaged with various Japanese firms to provide assistance for their expansion in the Philippines during a business mission to Tokyo on March 11 to 13.
These investment pledges include Mitsubishi Corp.’s joint venture project worth $76 million with a Filipino real estate company for affordable housing and Mitsui O.S.K. Lines Ltd.’s investment worth $5.3 million for the establishment of the Mitsui O.S.K. Lines’ Maritime Academy in Dasmariñas, Cavite.
Itochu Corp., through subsidiary Dolefil, is investing in a waste-to-energy project worth $19.2 million that will convert pineapple waste into biogas. The joint venture with Metro Pacific Investment Corp. will produce electricity that can replace 20 percent of their yearly power requirement.
ISE Food also signed a deal with Filipino companies to put up a large-scale poultry farm composed of five integrated facilities, to house as many as six million layers.
The farm will employ and train Filipino workers on the latest technology in poultry farming and fortified egg production. Total investment for the project is expected to reach $250 million and generate 1,000 jobs.
Sumitomo Wiring Systems Inc. will invest in a $46-million manufacturing facility to produce wire harness systems for auto vehicles. The project is expected to generate 13,000 jobs. The company is currently looking for a site to put up the factory.
Several new and expansion projects rounded up the $1.24 billion commitments from the Japanese business community, Lopez said.
The meetings also served as venues for the Trade Department to clarify the benefits of the Tax Reform for Attracting Better and Higher Quality Opportunities or Trabaho bill, while also addressing the concerns raised by the Japanese investors on the tax bill.
“The DTI and the BOI [Board of Investments] are actively engaging with our foreign investors, like the Japanese, to assist them in these expansion projects and new business endeavors in the country. We assure them that the Philippine government welcomes all investors that would like to join our growth story,” said Lopez.