Japan firms line up P25-B investments in Philippines, says Lopez

MANILA, Philippines - Japanese firms are on an expansion binge in the Philippines, with investments worth P25 billion being lined up.

Trade Secretary Ramon Lopez, who was recently in Japan for an investment forum, reported yesterday positive prospects from Japanese firms to the Philippines, reflected by their bullishness to pour in additional capital in the country.

Tsuneishi Shipbuilding Co. Ltd., for one, is preparing to invest P15.2 billion for three projects planned in the country.

“We met Tsuneishi president Kenji Kawano to discuss the expansion plans of Tsuneishi Shipbuilding in the Philippines,” Lopez said.

On top of the two projects signed and witnessed by President Duterte during his official visit to Japan last October, Lopez said Tsuneishi expressed plans for a prospective third project on ship recycling using the latest internationally accredited green technologies.

The P5-billion project will have an expected total job generation of 6,000.

“Due to the very high quality of steel components of oceangoing vessels, the steel-recycling project will not only meet the country’s requirements for inter-island vessels for transport and logistics but also cover the steel requirements of major infrastructure work,” Lopez said.

The two other projects of Tsuneishi include the 120-hectare ship reuse center in Negros Occidental, which will cost P5.2 billion, and a P5-billion biomass fuel project in Mindanao.

The first project, expected to generate 6,000 direct and indirect workers, includes the purchase and setting up of a skid barge and ship reuse center.

The second project, meanwhile, will include a biomass plantation and a new pelletizing factory which will be used for export to Japan and for use in local renewable energy projects. It is expected to generate 20,000 direct and indirect jobs.