More Japanese firms interested in investing in Philippines
MANILA -The Philippine government is expecting more investments from Japan after the recent trade mission of 15 Japanese companies, with local manufacturing, food, agriculture, pharmaceutical, electronics and machinery sectors seen benefiting from the possible influx of new foreign capital.
Philippine Economic Zone Authority (Peza) Director General Tereso Panga had said he was looking forward to more investments from the East Asian country with the visit of delegates from Osaka Business Partner Cities last March 16.
“We are encouraging more investments coming from Japan, especially this time when we, alongside President Bongbong Marcos Jr., are most aggressive in promoting the Philippines to the international business community. The Japanese will always be ichi-ban (number one) in Peza and in the country,” Panga said in a statement.
To date, there are about 887 Japanese companies registered under the government’s investment promotion agency, which has so far generated P745.637 billion worth of investments, $17.250 billion worth of exports and 350,710 direct jobs.
Peza said some of the top Japanese companies with investments in the country were Taganito HPAL Nickel Corp. (THPAL), Toshiba Information Equipment (Philippines) Inc., Ibiden Philippines Inc., Canon Business Machines (Philippines Inc., and Tsuneishi Heavy Industries (Cebu) Inc.
The Peza official also expressed optimism that more investments from Japan would follow in the future, drawing optimism from the recent state visit of President Marcos to the East Asian country in February.
“We have already received more inquiries from interested Japanese companies who will greatly add to the exports of the Philippines,” he said.
Meanwhile, Presidential Special Envoy to Japan Reghis Romero II highlighted the efforts being done by the government to attract foreign investors, adding that it would provide a suitable business climate and measures to ensure the ease of doing business.
In a separate interview with state-owned PTV4, Romero highlighted the estimated $10 billion worth of investment pledges from the President’s Japan trip, adding that these would result in about 30,000 new jobs.
“It’s not only the climate that [investors] are looking at, it’s mostly the Filipino themselves because we have very young entrepreneurs, English-trained and hospitable. Because of that, a lot of them have the interest,” the Philippine official said during the same television interview. INQ
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