Department of Trade and Industry (DTI) Secretary Fred Pascual (standing, second from the left) with Yokohama Rubber Co. Ltd. executives
Japan-based tire manufacturer Yokohama Rubber Co. Ltd and electronics manufacturing company MinebeaMitsumi have expressed interest to invest at least P7.4 billion in the Philippines, the Department of Trade and Industry (DTI) said on Monday.
Trade Secretary Alfredo Pascual met with representatives of these companies last week during his trip to Japan from June 19 to June 21.
READ: Japanese tire manufacturer mulls expansion in PH — DTI
“They have plans of expanding their semiconductor factory in Cebu,” Pascual said of MinebeaMitsumi’s plans, “And then they might set up also a solar farm to support their factory in Cebu.”As for Yokohama, Pascual said that it plans to expand its local production capacity, being the only tire manufacturer left in the Philippines.
During the trip, Pascual had also met with Mitsubishi Corp., the Sumitomo Corp., Sojitz Corp., Murata Manufacturing Co., Ltd., the Yokohama Rubber Co. Ltd., Taiheiyo Cement Corp., and Marubeni Corp., which reaffirmed around P60 billion in investments in the Philippines.
“We will continue to work closely with our Japanese partners to ensure a stable and competitive business environment in the Philippines,” Pascual said in a statement over the weekend.
Peza mission
Meanwhile, the Philippine Economic Zone Authority (Peza) said that at least five Japanese companies were conducting due diligence for their proposed ecozone project in the Philippines.
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“These specific activities include manufacturing and assembly of a jet bridge, smart parking structure and submersible pump for waste water treatment, digital health back office support, solar energy development, agro-processing and food export cargo logistics,” Peza Director General Tereso Panga said in a statement.
The Peza held its third investment mission to Japan for the year on June 17 to June 21, with the trip and activities organized by the Science Park of the Philippines Inc. , one of the leading economic zone developers in the country. INQ