Phl economic managers woo Japanese firms

The country's economic team urged big Japanese companies to invest their technology in the Philippines so that the economy and industries could grow, the Department of Finance said on Friday.

While in Japan for the Philippine Economic Briefing, Marcos' economic team met with the top leaders of Sojitz Corporation, Mitsubishi Corporation, Murata Manufacturing Co. Ltd., and Sumitomo Corporation to discuss how they could grow their businesses in the Philippines.

There are many world businesses that Sojitz is involved in, such as making, selling, importing, and exporting different goods.

Sojitz also has a number of investment projects in farmland, food, telecommunications, infrastructure, property development, the auto industry, and mining.

Mitsubishi is a global combined business that works on projects, makes things, and develops new products.

In the Philippines, the company handles the export and purchase of different goods, as well as activities in the consumer market and the development of infrastructure and renewable energy.

Murata Manufacturing does research and development, makes, and sells electronics that are built on ceramics. It also has a plant in Batangas that makes multilayer ceramic capacitors. This is its biggest factory in Asia.

Sumitomo, on the other hand, is also known for selling goods and services, importing and exporting, and investing in businesses in both Japan and other countries.

Sought for comment, Finance Secretary Ralph Recto said on Wednesday that a number of Japanese companies have voiced their desire to grow their businesses in the Philippines.

Recto said one company plans to invest about P46 billion on its expansion in the country.

"Most of them have investments in Batangas," Recto said.

Recto, along with Budget Secretary Amenah Pangandaman, Office of the Special Assistant to the President for Investment and Economic Affairs Secretary Frederick Go, National Economic and Development Authority Secretary Arsenio Balisacan, Trade and Industry Secretary Alfredo Pascual, and Transportation Secretary, went to Japan.

Felix Fuentebella, Deputy Secretary-General of the Department of Energy; Francisco Dakila Jr., Deputy Governor of Bangko Sentral ng Pilipinas; Joshua Bingcang, President and CEO of the Bases Conversion and Development Authority; and Mylene Garcia-Albano, Philippine Ambassador to Japan, were also there.