(In photo: DTI Secretary Alfredo Pascual and other Philippine Cabinet Members during their meeting with Yokohama Rubber Co. Ltd.)
Following a high-level meeting with Department of Trade and Industry (DTI) Secretary Alfredo Pascual and industry players in Tokyo recently, tire manufacturer Yokohama Rubber Co. Ltd. expressed interest in expanding production capacity in the Philippines.
During the meeting, Secretary Pascual highlighted the Philippines’ commitment to creating a business-friendly environment for foreign investors, particularly Japanese companies with a long history of contribution to the country’s industrial development.
“The Philippines is dedicated to enhancing its investment climate through various policy reforms and infrastructure development. Our ongoing efforts aim to attract more foreign investments, which are crucial for sustaining our economic growth and development,” he said.
The Philippines has opened up key sectors to foreign participation by implementing the Public Service Act, Retail Trade Liberalization Act, and Renewable Energy Act. Additionally, the current administration’s “Build-Better-More” program, which includes 185 priority infrastructure projects, aims to create a more business-friendly environment.
Also during the meeting, Yokohama Rubber’s contributions to the local economy was underscored, particularly through the localization of natural rubber procurement, which is seen to have significantly benefited Filipino farmers and rubber processors in Mindanao.
Secretary Pascual committed to addressing the concerns raised by Yokohama Rubber, including VAT incentives, power infrastructure, and labor issues.
In closing, he said, “Yokohama Rubber’s expansion plans in the Philippines are a testament to the robust economic partnership between our countries and the confidence Japanese investors have in the Philippines. We will continue to work closely with our Japanese partners to ensure a stable and competitive business environment in the Philippines.”
The Philippines-Japan economic relation remains one of the strongest in Asia, with Japan being the Philippines’ second-largest trading partner and third-largest source of approved investments in 2023.
Yokohama Rubber Co. Ltd., a global leader in tire manufacturing, has been operating in the Philippines for decades. The company’s subsidiary, Yokohama Tire Philippines Incorporated (YTPI), is one of the largest facilities in the Clark Freeport Zone, employing Filipinos and producing millions of tires annually.
