MANILA—Japanese companies are expected to invest some Php 198.5 billion in the Philippines, a gain from the investment mission of government officials to Tokyo early this month.
In a statement on Monday, the Department of Trade and Industry (DTI) said these prospective investments were from sogo shosha or Japanese firms with wide range of business activities.
DTI Secretary Ramon Lopez, Transportation Secretary Arthur Tugade, and Ambassador Jose Laurel V were in Tokyo March 1 to meet executives from Mitsubishi Corporation, Mitsui and Co., Ltd., Sumitomo Corporation, Itochu Corporation, Marubeni Corporation, Toyota Tsusho, and Sojitz.
Among the investments being eyed by sogo shosha here include the Php 80-billion joint investments of Sumitomo, Sojitz, and Mitsui in Coral Bay Nickel Corporation and Taganito High Pressure Acid Leaching (THPAL) Nickel Corporation in Surigao and Palawan; the Php 75-billion additional power plants from Marubeni; and the Php 12.9-billion integrated farming projects in Mindanao from Itochu and Sumitomo.
The planned investments include those of Mitsubishi, Sojitz, Mitsui, and Toyota Tsusho for the Philippines’ car manufacturing industry by participating the Comprehensive Automotive Resurgence Strategy (CARS) Program.
Seven Japanese trading firms also expressed their interests to invest in various infrastructure projects here including railway and subway projects, Clark Green City, expansion of ports, roll-on roll-off building programs, and airport development projects.
“Through sound and consistent macroeconomic policies, the country continues to attract serious investments. The fundamentals are there in terms of a fast-growing economy, a 109-million population base, standing trade agreements, and a young, talented, and dedicated work force,” Lopez said.
“All these — plus political will and focused trade and investment policies — act as a magnet for foreign investments,” he added.
The government officials have also vowed to investors that their projects in the Philippines would be corruption-free.