Daily TribuneThe new investment prospects from nine Japanese companies, worth P14.5 billion or around $260 million, are in electronics, automotive parts and electric vehicles, business process management and software development, retailing, infrastructure design, cement, light industry manufacturing and shipbuilding
Photograph Courtesy of PCO
President Ferdinand R. Marcos Jr's recent trip to Japan could see the realization of at least nine potential investment prospects for the country, according to Trade Secretary Alfredo Pascual on Tuesday.
Pascual said this was the P14.5 billion worth of investments gathered from various Japanese companies during the pledges update and new agreements event held at the sidelines of the ASEAN-Japan 50th year Commemorative Summit 2023 which the President attended from 15 to 18 December 2023.
The newly signed agreements and pledge updates could generate a total of 15,750 job opportunities, Pascual said.
"Our journey toward economic transformation and growth is underpinned by robust macroeconomic foundations, a conducive business environment, and a young, dynamic, and skilled workforce," he said.
The DTI chief underscored that the new investment prospects from nine Japanese companies, totaling P14.5 billion or around $260 million, are in the areas of electronics, automotive parts and electric vehicles, business process management and software development, retailing, infrastructure design, cement, light industry manufacturing and shipbuilding.
P169-B actual investments
Meanwhile, Pascual disclosed that out of the 34 letters of intent and agreements signed in February 2023 amounting to P757.1 billion (about $13.7 billion), the actual investment to date is now at P169.7 billion (or $3.1 billion).
He said these investment leads are expected to deliver benefits such as job creation, technology transfer, industry development, and export growth to the Philippine economy.
Further, he said these investments indicate that about 9,700 jobs have been created for the country.
The DTI secretary pointed at the P4.4 billion ($79.6 million) investment in August 2023 by electronic electronic parts maker Murata Manufacturing for the construction of a new production building in Tanauan City, Batangas; this has already resulted in the employment of some 3,500 Filipinos in Batangas, witb the business delivering P68.6 billion ($1.2 billion) worth of Philippine exports.
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, the first Hotel 101 outside the Philippines that is expected to generate over P7 billion ($126.7 million) in sales revenue.
New factory in Cebu
Another signatory, Tamiya Corporation, a manufacturer of plastic model kits, also opened its new factory in Cebu at a cost of close to P1 billion, producing exports of P26 million every year.
In the areas of renewable energy, Pascual cited Renova Incorporated, an RE developer and power producer, which is pledged to expand in the Philippines and invest in RE projects across the renewable technologies spectrum.
