Five Japanese companies have indicated plans to expand their operations in the Philippines with the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) now nearing presidential approval, according to Trade Secretary Cristina Roque said.

Roque said in a text message to reporters the expansion plans will be undertaken by Japan Institute of Design and Promotion, Itochu Corp., MinebeaMitsumi,  Aeon Co. Ltd and Marubeni Corp.

“These companies  have big investments in the Philippines and have expansion plans in the near future because of the CREATE MORE Bill,” Roque said, adding these projects will   increase the companies’ sales and will provide more jobs.

“These companies regard the Philippines as a very important market.  The Philippines is growing and they look forward to more investments in our country,” said Roque.

Roque also said Itochu executives signified their interest in sourcing additional fruits and processed food from the Philippines like dried mangoes, banana puree and processed fruits.

Roque had meetings with officials of the Japanese companies in Tokyo last week.