A Japanese consortium composed of major food and storage companies is planning to invest $500 million (roughly P23.5 billion) to put up in the Philippines processing facilities for food and fish products, including the famous delicacy unagi (freshwater eel).
“The objective is to establish world-class facilities initially in Mindanao and Luzon as part of their food material sourcing, processing, storage and export to Japan,” the Philippine Aquamarine Resources Inc. (Pari) Thursday said in a statement.
Besides growing and processing eels, a favorite Japanese summertime delicacy, the facilities would also cater to handling fruits such as mangoes, coconuts, pineapples and bananas and other agricultural products such as vegetables and nuts.
The facilities, which would be put up together with local partners, “will involve the latest technology in processing, cold storage, cooking, packaging and shipping,” Pari said.
The group added the Japanese firms are looking to locate these facilities in Gen. Santos City, Davao, Clark Freeport, and at the Cagayan Economic Zone in Cagayan province.
Pari said the consortium was composed of major buyers and distributors, including supermarket chains and wholesalers. These groups have aggregate sales amounting to $65 billion yearly.
Pari identified the partner institutions in the Japanese consortium as Nisshin Food Material Co. Ltd.; Yamato Global Express Co. Ltd.; Yamato Web Solutions Co. Ltd.; Yamato Transport Co. Ltd.; Showa Denko KK; Showa Denko Gas Products Co. Ltd.; North Japan Trade Co. Ltd.; Yuasa Trading Co. Ltd.; Dai Nippon Printing Co. Ltd.; and Majend MAKCS Co. Ltd.; Hokkaido Ajinomoto Co. Inc.; MC Food Specialties Inc.; Showa Sangyo Co. Ltd.; Yokoyama Foods Co. Ltd.; and Tomoechan Co.
“The combination of the Japanese team providing access to the high-value market, latest technology, and capital combined with the Philippine team providing fisheries and agricultural resources, availability of trainable manpower, and better weather conditions will result in a champion team and a sure winner,” Pari said.
It added the plan would also redound to employment for local fishermen.
“Given the relatively high prices prevailing in the Japanese market, higher and more stable prices will benefit the rural fishermen and the farmers. This is the centerpiece of President Duterte’s program to uplift the people in the rural areas,” the group added.