-
More Japanese firms are keen to expand operations in the Philippines, according to the Philippine Economic Zone Authority
-
PEZA conducted an investment mission in Osaka and Tokyo from July 16-22
-
The agency already approved 3 big-ticket Japanese projects worth P20.591B in February and April 2023
More Japanese firms are keen to expand operations in the Philippines, according to the Philippine Economic Zone Authority (PEZA).
PEZA director general Tereso Panga, who led a recent investment mission to Japan, said in a statement: “PEZA received interest both from Japanese big-ticket investors and Small and Micro Enterprises (SMEs). Most noteworthy would be the commitment of Ichijo Corporation to finalize its expansion plans in 2024, along with possible expansion plans of the Shin-Etsu Corporation, OB Kogyo, Ltd., and NEC Networks & System Integration Corporation.”
Ichijo Corp, a prefabricated housing components manufacturer, plans to increase its annual housing delivery capacity from 15,000 units to 20,000 units in 2024 and add around 4,000 jobs to its current 23,000 workforce.
Die and mold company OB Kogyo, Ltd. also expressed intent to reinvest US$3 million in its Philippine plant over the next three years, bolstering local manufacturing capabilities.
ShinEtsu Corporation, industry leader in the production and research of high-performance rare earth magnets, informed PEZA of possible expansion plans which are dependent on the growth of the global electronic vehicle sector.
Japan is PEZA’s top investor.
PEZA said they will continue to strengthen economic ties with Japan to achieve its 10% investment target growth for 2023 in line with President Ferdinand Marcos Jr.’s administration’s eight-point socio-economic agenda.
Co-organized with the Aboitiz InfraCapital Economic Estates and the Philippine Trade & Investment Centers in Osaka and Tokyo, the Philippine-Japan Investment Fora in Osaka and Tokyo offered Philippine investing prospects to several sectors such as manufacturing, Information Technology and Business Process Management, agro-processing, and the academe.
In a related development, PEZA approved three “big-ticket” Japanese investments for this year: Green Energy with Torrefaction Technology, Inc., Asian Transmission Corporation, and Pricon Microelectronics, Inc. with a total of P20.591 billion in investments and projected 1,973 direct workers. These projects were approved in February and April 2023.
PEZA said Japan remains one of the Philippines’ largest and longest-tenured investment partners, making it one of the leading sources of foreign investments.
“To date, 881 Japanese companies are registered with PEZA, bringing in P766.550 billion worth of investments in the country, with exports of US$5.362 billion and generating up to 340,601 direct jobs for Filipinos,” Panga said.
RELATED READ: PEZA approves 258% more investments in H1
