Japanese companies are expected to invest some Php 198.5 billion in the Philippines, a gain from the investment mission of government officials to Tokyo early this month. In a statement on Monday, the Department of Trade and Industry (DTI) said these prospective investments were from sogo shosha or Japanese firms with wide range of business activities.
DTI Secretary Ramon Lopez, Transportation Secretary Arthur Tugade, and Ambassador Jose Laurel V were in Tokyo March 1 to meet executives from Mitsubishi Corporation, Mitsui and Co., Ltd., Sumitomo Corporation, Itochu Corporation, Marubeni Corporation, Toyota Tsusho, and Sojitz.
Among the investments being eyed by sogo shosha here include the Php 80-billion joint investments of Sumitomo, Sojitz, and Mitsui in Coral Bay Nickel Corporation and Taganito High Pressure Acid Leaching (THPAL) Nickel Corporation in Surigao and Palawan; the Php 75-billion additional power plants from Marubeni; and the Php 12.9-billion integrated farming projects in Mindanao from Itochu and Sumitomo.
The planned investments include those of Mitsubishi, Sojitz, Mitsui, and Toyota Tsusho for the Philippines’ car manufacturing industry by participating the Comprehensive Automotive Resurgence Strategy (CARS) Program.
Seven Japanese trading firms also expressed their interests to invest in various infrastructure projects here including railway and subway projects, Clark Green City, expansion of ports, roll-on roll-off building programs, and airport development projects.
“Through sound and consistent macroeconomic policies, the country continues to attract serious investments. The fundamentals are there in terms of a fast-growing economy, a 109-million population base, standing trade agreements, and a young, talented, and dedicated work force,” Lopez said.
“All these — plus political will and focused trade and investment policies — act as a magnet for foreign investments,” he added.
The government officials have also vowed to investors that their projects in the Philippines would be corruption-free.
LATEST STORIES
Japan makes inaugural deployment of coastguard vessel to Australia
The Japan Coast Guard (JCG) will for the first time deploy a vessel to Australia, as part of efforts to strengthen counter-piracy measures in Southeast Asia. The vessel, the 3,300-tonne Souya-class … [Read More...]
Navy admiral’s visit reaffirms strong US-PH alliance
MANILA -- The visit of US Chief-of-Navy Operations, Admiral John Richardson, to the Armed Forces of the Philippines (AFP) headquarters in Camp Aguinaldo, Quezon City gave both the Philippines and the … [Read More...]
ADAS 2018 OBSERVATIONS AND HIGHLIGHTS
I was able to attend the 2018 Asian Defense and Security (ADAS) at the World Trade Center (WTC) in Manila recently, and every time the event is held (every two years) it always seem to get bigger and … [Read More...]
US reiterates offer to sell F-16 jets to PH: Lorenzana
MANILA -- The US government reiterated its offer to supply the Philippines with the Lockheed Martin F-16. The offer took place during Department of National Defense (DND) Secretary Delfin … [Read More...]
Philippine Air Force’s New C-130 SABIR Kit Includes an ELTA Radar
The kit incorporates, among other systems, an electro-optical imager and a variant of ELTA Systems' EL/M-2022 synthetic aperture radar The 300th Air Intelligence and Security Wing (AISW) of the … [Read More...]
PHL, China to hold joint military exercises in Zhanjiang
The Philippines will hold joint military exercises with China during the Association of Southeast Asian Nations (Asean)-China military exercise to be held in Zhanjiang, China on October 22 to 29, the … [Read More...]