Finance Secretary Ralph Recto tagged the country’s sortie in Japan for investment as a success.
In a statement issued yesterday, Recto said the trip secured “future expansion plans that will create more quality jobs for Filipinos and drive stronger economic growth.”
This follows a Friday statement from the Department of Trade and Industry (DTI), which announced that Japan’s Nambu Co. Ltd., a wellness company recognized in senior care and assisted-living services in Japan, has committed to invest P4 billion to develop a network of 10 Japanese-style retirement and wellness centers across the Philippines, the first of which will be in Lapu-lapu City in Cebu. The project, discussed during the Philippine delegation’s stay in Japan, aims to train Filipino caregivers to meet Japanese standards.
In particular, Recto said the delegation composed of Department of Economy, Planning, and Development (DEPDev) Secretary Arsenio Balisacan; Department of Trade and Industry (DTI) Secretary Ma. Cristina Roque; Department of Energy (DOE) Secretary Sharon Garin; Department of Transportation (DOTr) Acting Secretary Giovanni Z. Lopez; and senior officials from the Department of Budget and Management (DBM), the Department of Public Works and Highways (DPWH), and the Bangko Sentral ng Pilipinas (BSP), met with senior executives of top Japanese companies, namely Sojitz, Mitsui & Co, Koshidaka Holdings Co., Ltd., and Marubeni Corp.
The meetings were arranged by the DTI field office in Tokyo, bringing the Philippine delegation to Osaka, Japan, to convene the Philippines-Japan High-Level Joint Committee Meeting on Infrastructure Development and Economic Cooperation and engage with Japan’s top investors through the Philippine Economic Briefing.
In the Philippines, Sojitz maintains a diversified presence spanning Cebu, Palawan, and Metro Manila operating commodities trading to several investment projects in agriculture, food, telecommunication, infrastructure, property development, automotive, and mining.
“During the meeting, Sojitz conveyed its interest to enhance the Philippines’ competitiveness through the promotion of innovation and knowledge-based industries, support infrastructure and energy transition, and foster human capital development and technology transfer,” Recto said.
Mitsui meanwhile expressed its “eagerness to engage in a wide range of businesses in the Philippines, including renewable energy, liquefied natural gas receiving terminal, next-generation energy solutions, and large-scale infrastructure, such as ports, terminals, logistics hubs, and transport systems,” according to Recto.
Mitsui has established a broad and growing footprint in the Philippines with investments in automotive, infrastructure, BPO, ICT, mineral resources, and power generation. It is engaged in product sales, worldwide logistics, investment and financing, as well as the development of major international infrastructure projects, with presence in 60 countries.
On the other hand, Koshidaka, who in February this year approved the establishment of a 100 percent-owned Philippine subsidiary that will spearhead the group’s ASEAN expansion, shared with the delegation that its first Karaoke Manekineko outlet in Manila is set to open by 2026. It is also looking at expanding its outlets to 100 nationwide over the long term.
Koshidaka specializes in the entertainment and leisure sectors. It is the largest karaoke chain in the world.
Marubeni on the other hand expressed eagerness for potential expansions of existing projects in the Philippines, such as in online consumer finance, residential development, electric power retail business, and water supply, among others, Recto said.
“It specifically expressed commitment to helping develop renewable energy in the Philippines to bring affordable power to Filipinos,” he added.
Marubeni is Japan’s largest trading company with a diverse portfolio covering consumer products; food and agriculture; materials; energy and infrastructure solutions; transportation and industrial machinery; and financial business.
Marubeni has been an integral part of the country’s development, driving infrastructure through Build-Operate-Transfer (BOT) projects, joint ventures, and sector-wide investments.
