THE Cebu Chamber of Commerce and Industry (CCCI), through the help of Yoshiaki Hata, former consul from Japan in Cebu, has met with six Japanese investors to explore business opportunities here.
The Japanese investors, first-time visitors to Cebu, also met with Philippine Economic Zone Authority (Peza) Director General Charito Plaza, who was in Cebu for a dialogue with information technology stakeholders.
“We met with Japanese investors for exploratory investment opportunities... They are in the field of banking, finance, enterprise and virtual reality,” said CCCI president Melanie Ng about the Monday meeting.
“We also had a great interaction with Peza Director General Charito Plaza as she shared various initiatives of Peza to grow investments in the country, especially in the countryside,” Ng said. “We at CCCI will work with Peza in inviting more investors to come to Cebu and register with Peza.”
Japan is the single largest locator of factories in the Philippines, accounting for 28.02 percent of companies located in industrial economic zones from 1995 to 2016, followed by Filipino firms at 22.19 percent and American firms at 15.45 percent.
According to reports, investments in Peza registered enterprises are projected to “double or even more than triple this year,” after the agency recorded a 51 percent growth in new investments in the first quarter of this year.
In the first quarter of the year, Peza approved P7.64 billion in semiconductor and electronics investments, up 85.19 percent from the year ago’s P4.125 billion.
Plaza said the agency is working double time to invite foreign investors to relocate here. She said foreign investors from the Middle East, United States and Japan who had sent Letters of Intent were now coming over.
There were 3,985 operating enterprises in Peza as of March this year, 469 or 11.8 percent of which were electronics and semiconductor enterprises. (KOC)