Japanese firms keen on expansion in PH

Five Japanese firms have expressed keen interest to enter into new investments in the Philippines, according to acting Trade Secretary Cristina Roque, marking a fresh wave of interest from firms from the East Asian country. Roque said these firms include the Japan Institute of Design and Promotion, electronics manufacturing company MinebeaMitsumi, merchandising firm Aeon Co. Ltd. as well as trading and investment firms Itochu Corp. and Marubeni Corp. According to the trade chief, representatives from the companies said there are expansion plans in the near future partly because they have seen increased sales. The companies are also encouraged by the Create More Bill, which is now awaiting President Ferdinand Marcos Jr.’s signature to become law.

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Official titled Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy, one provision of the bill is the lowering of taxes on domestic and foreign companies to 20 percent from 25 percent. “They expressed that the Philippines is very important for them now and their business with the Philippines is growing and they look forward to more investments in our country especially now that the Create More Bill will soon be signed by the President,” Roque told reporters early Tuesday night. Roque visited Japan from September 12 to 14 to meet with representatives of companies from the East Asian country. According to the Philippine Economic Zone Authority (PEZA), one of the DTI’s investment promotion agencies, there are 805 registered Japanese companies in their economic zones. These Japanese companies account for 28 percent of their total approved investments, having contributed to more than P500 billion investments, $16 billion worth of exports products and 300,000 direct jobs as of 2023.