DoF courts more Japanese firms for investments

The Department of Finance (DoF) has boasted of the Philippines’ economic potential in an effort to encourage three more Japanese firms to further expand their operations in the country.

The Dof on Friday said the said Japanese firms are MinebeaMitsumi Inc., Yokohama Rubber Co., Ltd., and Taiheiyo Cement Corporation.

The government met with representatives of these firms on the sidelines of the Philippine Economic Briefing in Japan yesterday.

Earlier DoF had also met representatives of Japan’s Sojitz Corporation, Mitsubishi Corporation, Murata Manufacturing Co., Ltd., Sumitomo Corporation, Nomura and Marubeni Corporation.

Submit unsolicited proposals

“We invite you to submit unsolicited proposals for our public-private partnership (PPP) projects, respond to solicited proposals, or enter into joint venture agreements,” Finance Secretary Ralph Recto said.

The Marcos administration aims to upgrade the Philippines to a predominantly upper middle-income nation through numerous job opportunities and infrastructure projects for Filipinos.

MinebeaMitsumi Inc. manufactures mechanical components and electronic devices for vehicles, mobile phones, homes, and factories. It already operates three Philippine-based factories in Cebu, Bataan, and Batangas.

Meanwhile, Yokohama Rubber Co., Ltd. through Yokohama Tire Philippines Incorporated (YTPI) produces tires for public transport vehicles. YTPI distributes products from its facility in the Clark Freeport Zone.

For its part, Taiheiyo Cement Corporation through Taiheiyo Cement Philippines Inc. (TCPI) in Cebu manufactures construction materials for residences and commercial establishments.

Investment processing eased

Recto presented improved Public-Private Partnership policies which ease processing of investments, and the CREATE MORE or Maximize Opportunities for Reinvigorating the Economy bill.

CREATE MORE clarifies rules on fiscal and non-fiscal incentives and the value-added tax refund system. It also offers an incentive package for registered projects or activities with over P15 billion investment capital.

“We envision CREATE MORE to give birth to more thriving economic corridors in every corner of the Philippine archipelago, with Japan taking a leading role,” Recto said.