Department of Trade and Industry Secretary Fred Pascual reported to President Ferdinand Marcos Jr. the P14.5 billion 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.
Pascual highlighted that the newly signed agreements and pledge updates will generate a total of 15,750 job opportunities.
”Our journey toward economic transformation and growth is underpinned by robust macroeconomic foundations, conducive business environment, and a young, dynamic, and skilled workforce,” the trade chief said.
The trade head 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 EV, business process management and software development, retailing, infrastructure design, cement, light industry manufacturing, and shipbuilding.
“Out of the 34 letters of intent and agreements signed in February 2023 amounting to P757.1 billion, the actual investment to date is now at P169.7 billion.”
Moreover, he recognized that out of the 34 letters of intent and agreements signed in February 2023 amounting to P757.1 billion ($13.7 billion), the actual investment to date is now at P169.7 billion ($3.1 billion).
These investment leads are expected to deliver benefits such as job creation, technology transfer, industry development, and export growth to the Philippine economy. Moreover, these indicate that about 9,700 jobs have been created for the country based on reports.
“This has already resulted in the employment of around 3,500 Filipinos in Batangas, delivering P68.6 billion worth of Philippine exports.”
Pascual also highlighted the noteworthy investments including electronic parts maker Murata Manufacturing, which invested P4.4 billion ($79.6 million) last August 2023 for the construction of a new production building in Tanauan City, Batangas. He shared that this has already resulted in the employment of around 3,500 Filipinos in Batangas, delivering P68.6 billion ($1.2 billion) worth of Philippine exports.
Additionally, he shared that 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. This will be the first Hotel 101 outside the Philippines and is expected to generate over P7 billion ($126.7 million) in sales revenue.
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. The facility will produce exports of P26 million every year.
Furthermore, in the areas of renewable development, Pascual cited that Renova Incorporated, a renewable energy developer and power producer, pledged to expand in the Philippines and invest in RE projects across the spectrum of renewable technologies. Renova reported that its investment is already approximately double its original pledge.
Mechanical components and electronic devices manufacturer MinebeaMitsumi Inc. has also installed solar power generators at its Cebu Plant—a significant step in the company’s goal to reduce greenhouse gas emissions by 30% in 2031 and achieve carbon neutrality by 2050. Beginning operations in 1989 and currently employing around 20,000 workers, Minebea’s Cebu facility produces a wide range of products, including semiconductors, camera actuators, and connectors, and the new solar power generation systems will play a crucial role in lowering carbon emissions in their manufacturing process.
He emphasized that since February 2023, Japanese investors have committed a combined total of P771.6 billion, equivalent to around $14 billion. These investments are anticipated to create around 40,200 jobs, highlighting the steadfast efforts of the Philippine government to attract foreign investments.
Highlighting the DTI’s and the Philippine government’s continued commitment to transform the Philippines into a dynamic and robust economic powerhouse, Pascual said, “The Philippine government, led by the DTI, is committed to providing the necessary resources to ensure the success of these partnerships. Your support has been instrumental in making this event a reality, underscoring the strength of our shared vision for a prosperous future.”
He instructed the DTI’s Philippine Trade and Investment Center (PTIC) in Tokyo, led by Commercial Counselor Dita Angara-Mathay, to work on the realization of these Japanese investment pledges and agreements in cooperation with DTI and other government agencies.
PTICs, which represent DTI field officers overseas and are part of the Foreign Trade Service Corps, play a central and prime role in trade and investment lead generation and facilitation. They are mainly tasked with organizing the business program of the President in his official visits overseas.
