Tuesday, April 17, 2007 Japanese investors apply for tuna venture in GenSan
A GROUP of Japanese investors wanted to set up a tuna processing business in this "Tuna Capital of the Philippines," officials have confirmed.
Ten Point Manufacturing Corp., a Japanese firm registered with the Securities and Exchange Commission, recently applied for a permit at the City Economic Management and Cooperative Development Office (CEMCDO).
Retsu Satu, a representative of Ten Point, said the firm is interested to engage in the production of processed tuna and other marine products.
Ten Point is an affiliate of Pescarich Manufacturing Corp and has been building its facility at the latter's manufacturing plant at Barangay Labangal.
Arlene Serna, Pescarich corporate secretary, said Ten Point's projected investment would reach P40 million.
"The building of the company is already completed and just awaiting the necessary permits to finally operate," she said.
She said the equipment for the production of smoked tuna products and fresh and chilled fillets are yet to be installed.
Joaquin Tiongco, investment division head of CEMCDO, also said they are still evaluating Ten Point's application.
"Their intention to put up a business in the city manifests foreign investors' confidence in the locality. We hope other foreign groups would follow suit as major investments over the last few years have come from local investors," he said.
Tiongco said that Ten Point would have initial investments of at least P20 million to jumpstart the venture hat would provide locals work opportunities.
Serna revealed that Ten Point is eyeing the Japanese market for its smoked tuna and other marine products.
But Japan has banned smoked tuna products from the Philippines since the late 1990s.
She claimed that Ten Point would employ a "different smoking processed metho" that would allow the firm's products to enter the Japanese market.
Frozen smoked tuna industry players have been asking the government to work out the lifting of the ban in Japan and in European Union, through several resolutions adopted in recent annual tuna congresses here.
The ban in the Japanese market has been in effect in the last 10 years after the Japan Kouseisho (Department of Health and Welfare) implemented restrictions on the importation, production and sale of frozen smoked tuna, hamachi (yellowtail) and tilapia in 1997 due to health reasons.
According to the Kouseisho, frozen smoked tuna products contain carbon monoxide that allegedly prevents color-deterioration in red meat fish species, leading consumers to err on their perception of the freshness of fish meat.
Rock Garay, who co-owns a company also engaged in smoked tuna production, said the ban has hampered the growth of the sector.
"We lost a good market in Japan with the ban on our products. We could have earned more million of dollars if we are allowed to export filtered smoked tuna products there," he said.
The frozen smoked tuna sector is a vital component of the tuna industry, having an annual export value of at least $50 million and provides employment to about 80,000 workers, processors and fishermen nationwide, industry records showed.
