7 Japanese companies to invest P198.5B in the Philippines

photo credit to the owner

 
Japan’s seven major trading houses have expressed interest to invest a combined  P198.5 billion in energy, mining, agriculture, automotive and infrastructure projects in the Philippines, Department of Trade and Industry (DTI) said Monday. 

DTI said these Japanese companies with broad range of business  activities ( sogo shoshas) included  Mitsubishi Corp., Mitsui and Co. Ltd., Sumitomo Corp., Itochu Corp., Marubeni Corp., Toyota Tsusho and Sojitz Corp.

“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,” Trade Secretary Ramon Lopez said.

“All these―plus political will and focused trade and investment policies―act as a magnet for foreign investments,” said Lopez.

The expression of interest by the Sogo Shoshas in the country's various sectors is seen as  essential in the further growth of the economy of the Philippines.

Lopez said the seven trading houses were also keenly interested in the Philippines’ “Golden Age of Infrastructure,”  specifically in trailway and subway projects, the Clark Green City, the expanded port and(Roll on Roll off) RoRo building programs and airport development projects.

The DTI said that the investments from Mitsubishi Corp., Mitsui and Co. Ltd., Sumitomo Corp., Itochu Corp., Marubeni Corp., Toyota Tsusho and Sojitz Corp. are expected to come in until 2018.

“Japanese investor remains confident of business prospects in the Philippines. We urge Japanese investors to take the chance to invest in the Philippines as it experiences its momentous economic takeoff in the region,” Lopez said.

The Philippine government asked the Japanese trading houses to use their expansive business systems to help in planning an efficient set of economic infrastructure, such as farm-to-market roads, bridges, seaports, airports, railways for cargo, passengers and RoRo vessels and service providers.

The government assured investors that with public sector agencies rigidly adhering to zero corruption program, the investment projects would receive adequate protection and fair treatment.