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Philippines remains top choice for Japan investors — DTI

MANILA, Philippines — The Philippines remains a favored investment destination among Japanese companies as evidenced by the $6 billion worth of pledges secured during President Duterte’s recent visit to Japan , the Department of Trade and Industry (DTI) said.

“The growing number of Japanese corporations interested in partnering with Philippine enterprises shows the value proposition of the country as a favored destination for Japanese foreign direct investments,” Trade Secretary Ramon Lopez said in a statement.

Lopez yesterday outlined the 18 signed business agreements expected to generate more jobs, raise business standards and improve business efficiencies.

He said several Japanese companies keen on expanding operations in the Philippines have submitted their respective letters of intent (LOI).

Among these are Marubeni Corp. for power, railways and water projects; Sumitomo Metal Mining Co. Ltd. for mineral processing; Taiheiyo Cement Corp. for plant and production related infrastructure expansion projects; Tsuneishi Shipbuilding Co. Ltd. for medium-sized marine vessels manufacturing; Ministop Co. Ltd. and Lawson for human resources training programs and outlet expansion in the Philippines; and Itochu Corp. for investments in agricultural equipment, bananas and pineapples production, and irrigation projects.

Japan Tobacco Inc. likewise expressed its interest to further expand its Philippine operations and contribute to the Department of Finance’s improved revenue collection program, according to Lopez.

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Subic Bay Metropolitan Authority also received LOIs from List Co. Ltd. and Subic Smart Community Corp. on mixed property development projects in Subic Freeport.

Meanwhile, the DTI said a number of companies also stated interest in pursuing joint ventures in areas such as agriculture, renewable energy, manufacturing, services, environment and research and development.

Lopez said Tokyo Gas Co. Ltd. plans to conduct a joint study on natural gas usage in the Philippine domestic market with the Japanese Ministry of Economy, Trade and Industry.

Metro Pacific Investments Corp. led by business titan Manuel Pangilinan is partnering with Itochu on additional renewable energy and infrastructure projects, while Manila Electric Co. is teaming up with Hitachi Ltd. on stationary battery energy storage system.

Federal Land Inc. of the Ty family is collaborating with Nomura Real Estate Development Co. and Isetan Mitsukoshi Holdings Ltd. for a commercial and residential complex that will soon rise in Bonifacio Global City.

SteelAsia Manufacturing Corp., meanwhile, is partnering with Yamato Kogyo Co. Ltd. for the development of an integrated steel plant.

Hitachi is also teaming up with state-run Bases Conversion Development Authority for information and communications, transportation, and urban development projects, while Densan System Co. Ltd. will collaborate with CIS Bayad Center Inc. on financial technology.

“These projects, ranging from retail, commercial, and residential property development, are indubitable signposts of a growing modern economy. These projects committed not only capital infusions but transfer in technology and human resource development programs, cementing anew the parameters and direction of Philippine-Japan economic exchange and complementarity,” Lopez said.

“Ultimately, these projects will help chart greater trade and investment engagements between our two countries in order to generate broader inclusive growth and shared prosperity for all,” he added.

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