TWO of the 18 Japanese companies that have signed business agreements with the Duterte administration’s recent trip to Japan are from Cebu.
These are Tsuneishi Shipbuilding Co. Ltd, a medium-sized marine vessel manufacturer based in the town of Balamban, and Taiheyo Cement Corp. based in the City of Naga.
In a statement issued yesterday, Trade Secretary Ramon Lopez said Taiheyo and Tsuneishi sent letters of intent (LOI) for plant expansion and production.
“The growing number of Japanese corporations interested in partnering with Philippine enterprises shows the value proposition of the country as a favored destination for Japanese foreign direct investments (FDIs),” said Lopez, who was part of the delegation that joined President Rodrigo Duterte in Japan last month.
Other LOIs came from Marubeni Corp. for power, railways and water projects; Sumitomo Metal Mining Co. Ltd. for mineral processing; Ministop Co. Ltd. and Lawson for HR training programs and outlet expansion in the Philippines; and Itochu Corp. for investments in agricultural equipment, bananas and pineapples production, and irrigation projects. Japan Tobacco Inc., likewise stated its interest to further expand Philippine operation and contribute to the Department of Finance’s (DOF) improved revenue collection program.
On the other hand, some Japanese companies have expressed an interest to pursue joint ventures.
These are Tokyo Gas Co., Ltd., on joint study on natural gas usage in the Philippine domestic market with the Japanese Ministry of Economy, Trade and Industry (METI); Itochu Corp. with Metro Pacific Investments Corp. (MPIC) on additional renewable energy projects and infrastructure projects; Hitachi Ltd. with Manila Electric Company (MERALCO) on stationary Battery Energy Storage System (BESS).
In property development, Nomura Real Estate Development Co., and Isetan Mitsukoshi Holdings Ltd., will enter into a joint venture with Federal Land Inc., on a commercial and residential complex in Bonifacio Global City. Subic Bay Metropolitan Authority (SBMA) also received LOIs from List Co. Ltd. and Subic Smart Community Corp. on mixed property development projects in Subic Freeport.