Top 10 Japanese Firms in the PH Eye $3 Billion Expansion Investments

The top ten Japanese manufacturers in the country for electronics and medical devices have committed initial investments of close to $3 billion for their expansion plans and product diversification.

These Japanese investors expressed their confidence in the country’s economy during a recent roundtable online meeting with Trade Secretary Ramon Lopez. However, fiscal and operational bottlenecks were also brought up as main points of concern.

The timely issuance of travel visas for their executives and engineers, the processing and release of permits and licenses by regulatory agencies, VAT and other additional taxes by local government units (LGUs), and access to COVID-19 vaccinations were among the most prominent issues.

Lopez responded by saying that the concerned government agencies have been engaged to help resolve these bottlenecks and support their business plans.

The Japanese firms consist of Brother Industries, Canon Inc., Seiko Epson Corporation, Terumo Corporation, JMS Co., Ltd., NIDEC Corporation, Minebea Mitsumi Inc., Murata Manufacturing Co., Ltd., and IBIDEN.

These companies collectively account for $2.5 billion in investments, $6.9 billion in exports, and over 83,000 in total employment across the country. They also inquired if assistance by way of green lanes would be made available to foreign investors with significant investment and expansion plans.

“As the Philippines builds back better from the pandemic, we will strengthen trade and investment ties with other countries, particularly Japan. After all, Japan has been a strong and important trading partner and investment source of the Philippines. The country is an ideal host for Japanese manufacturing and R&D activities in electronics, printers, and medical devices,” affirmed Lopez.

Japan was reported to be the country’s top export market at $10.03 billion and the second-biggest import supplier at $8.62 billion amounting to a total bilateral trade of $18.65 billion in 2020. It remains to be in the #1 rank in terms of exports with figures reaching $2.69 billion from January to April 2021.

Source: Manila Bulletin