The country’s economic team is urging big Japanese companies to invest further in the Philippines so that the economy and industries could grow, the Department of Finance said on Wednesday.

In Japan for a Philippine Economic Briefing, the Marcos government’s economic team met with the top executives 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 global 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

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

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

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

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

Grow Philippine business

Sought for comment, Finance Secretary Ralph Recto said on Wednesday that a number of Japanese companies have expressed 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 was in Japan for the Philippine Economic briefing 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 Jaime Bautista.