Philippines secures P51 billion investments from Japanese firms

MANILA, Philippines, September 16 ------ The Philippines has secured P51 billion worth of investments from three Japanese conglomerates and a leisure firm, according to the Department of Trade and Industry (DTI).

Trade Secretary Cristina Roque said in a statement yesterday that the investments were finalized during the meetings between the Philippine delegation and company executives in Japan. The Philippine delegation was composed of Roque, Finance Secretary Ralph Recto, Economy, Planning and Development Secretary Arsenio Balisacan, Energy Secretary Sharon Garin and Bangko Sentral ng Pilipinas Deputy Governor Zeno Abenoja.

Karaoke chain operator Koshidaka Holdings Co. Ltd. has committed to invest P34 billion to open 300 outlets nationwide over the next decade. Koshidaka’s investment is expected to generate more than 1,500 direct jobs and support the creation of employment opportunities through construction and supply-chain activities. Marubeni Corp. also committed to pour in P15 billion for real estate, fintech, health care and afforestation projects.

Meanwhile, Sojitz Corp. is investing P2 billion to P3 billion in a property developer to attract artificial intelligence, semiconductor design, software and health care firms. It is also interested in aviation-related projects in the country. Mitsui & Co. also reaffirmed a partnership with Metro Pacific Investments Corp. and Steel Asia on a steel recycling initiative to promote a circular economy and decarbonization. “These commitments in green energy, smart housing, healthcare and creative services highlight the strength of our partnership with Japan,” Roque said.

She said the DTI would be working with the economic team to ensure the Japanese investments generate quality jobs, strengthen supply chains, as well as advance the country’s shift to a green, digital and broad-based economy. “These investments are a testament to President Marcos’ vision for an agile, innovation-driven economy that welcomes partnerships and delivers inclusive growth,” Roque said.

Source: philstar.com