Department of Trade and Industry Secretary Alfredo Pascual recentlyly reported the country has gathered a total of PHP14.5 billion investments from various Japanese companies, during the pledges update and new agreements event held at the sidelines of the Commemorative Summit for the 50th Year of ASEAN-Japan Friendship and Cooperation.
Secretary Pascual highlighted the newly signed agreements and pledge updates will generate a total of 15,750 job opportunities.
”Our journey toward economic transformation and growth is underpinned by robust macroeconomic foundations, conducive business environment, and a young, dynamic, and skilled workforce,” he said.
The DTI Secretary noted the new investment prospects from nine Japanese companies, totaling PHP14.5 billion (USD260 million), are in the areas of electronics, automotive parts and ellectric vehicles (EV), business process management and software development, retailing, infrastructure design, cement, light industry manufacturing, and shipbuilding.
Moreover, he recognized that out of the 34 letters of intent and agreements signed in February 2023 amounting to PHP757.1 billion (USD13.7 billion), the actual investment to date is now at PHP169.7 billion (USD3.1 billion). These investment leads are expected to deliver benefits such as job creation, technology transfer, industry development, and export growth to the Philippine economy. Based on reports, these investments indicate that about 9,700 jobs have been created for the country.
Secretary Pascual also highlighted the noteworthy investments which include electronic parts maker Murata Manufacturing’s PHP4.4 billion (USD79.6 million) in August this year for the construction of a new production building in Tanauan City, Batangas. He disclosed this has already resulted in the employment of around 3,500 Filipinos in Batangas, delivering PHP68.6 billion (USD 1.2 billion) worth of Philippine exports.
Additionally, he mentioned DoubleDragon Corporation’s Co-Chairmen Injap Sia II and Tony TanCaktiong were also in Japan to lead the groundbreaking ceremonies of their Hotel 101 project in Niseko. This will be the first Hotel 101 outside the Philippines and is expected to generate over PHP7 billion (USD126.7 million) in sales revenue.
Another signatory, Tamiya Corporation, a manufacturer of plastic model kits, also opened its new factory in Cebu at a cost close to PHP1 billion. The facility will produce exports equivalent to PHP26 million every year.
Furthermore, in the areas of renewable development, the DTI Secretary cited Renova Incorporated, a renewable energy developer and power producer, pledged to expand in the Philippines and invest in RE projects across the spectrum of renewable technologies. Renova reported its investment is already approximately double its original pledge.
Mechanical components and electronic devices manufacturer MinebeaMitsumi Inc. has also installed solar power generators at its Cebu Plant—a significant step in the company’s goal to reduce greenhouse gas emissions by 30% in 2031 and achieve carbon neutrality by 2050. Minebea’s Cebu facility is currently employing around 20,000 workers.
Secretary Pascual explained that since February 2023, Japanese investors have committed a combined total of PHP771.6 billion (USD14 billion). These investments are anticipated to create around 40,200 jobs.
He instructed the DTI’s Philippine Trade and Investment Center (PTIC) in Tokyo, led by Commercial Counselor Dita Angara-Mathay, to work on the realization of these Japanese investment pledges and agreements in cooperation with DTI and other government agencies.
The PTICs, which represent DTI field officers overseas and are part of the Foreign Trade Service Corps, play a central and prime role in trade and investment lead generation and facilitation. They are mainly tasked with organizing the business program of the President in his official visits overseas.Â
