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Sunday, July 21, 2024

PH asks Japanese firms to hike investments

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The Philippine economic team lead by Finance Secretary Ralph Recto asked Japanese businessmen  to expand their operations in the Philippines.

The delegation to Japan engaged with top executives of Japanese companies on June 19, 2024 to invite them to expand their presence in the Philippines.

Among the Japanese companies are Sojitz Corp., Mitsubishi Corp., Murata Manufacturing Co. Ltd. and Sumitomo Corp.

The Philippines aims to leverage the technological expertise of these top-notch companies to spur industry development and economic growth.

Sojitz is involved in a wide range of global businesses including manufacturing, selling, importing and exporting various products. In the Philippines, they operate diverse businesses, from commodities trading to several investment projects in agriculture, food, telecommunication, infrastructure, property development, automotive and mining.

Mitsubishi is a global integrated business enterprise involved in project development, production and manufacturing. In the Philippines, Mitsubishi handles the export and import of various products, consumer market activities, as well as infrastructure and renewable energy development.

Murata specializes in research and development, manufacturing and sales of ceramic-based electronics. The Philippine Manufacturing Co. of Murata Inc. (PMM) in Batangas is Murata’s largest production site in Asia, primarily producing multilayer ceramic capacitors.

Sumitomo is involved in multifaceted business activities including product and service sales, import and export, and both domestic and international business investment.

Sumitomo’s investments in the Philippines include the First Philippine Industrial Park in Batangas, which hosts about 150 manufacturing industries. It has also been supporting the country’s railway projects, including MRT-3, LRT-1, the Metro Manila Subway, and the North-South Commuter Rail.

The meetings were organized by the Department of Trade and Industry’s (DTI) field office in Tokyo and were held on the sidelines of the Philippine Economic Briefing in Japan.

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