DIFFERENT business sectors will be supported by the business agreements, tie-ups, and business expansion plans formed between Japan and the Philippines amounting to $6 billion during President Rodrigo Duterte’s visit to Japan on October 30.
In a press release by the Department of Trade and Industry (DTI), a total of 18 business agreements were signed between Philippine and Japanese companies. Marubeni Corporation’s business expansion in the Philippines eyes to be in support of the power, railways, and water projects; Sumitomo Metal Mining Co. Ltd. for mineral processing; Taiheiyo Cement Corporation for plant and production-related infrastructure expansion projects; Tsuneishi Shipbuilding Co. Ltd. for manufacturing of medium-sized marine vessels manufacturing; Ministop Co. Ltd. and Lawson for HR training programs as both companies plan to expand outlets in the Philippines, while Itochu Corporation eyes investments on agricultural equipment, bananas, and pineapples production, as well as irrigation projects.
“These projects committed not only capital infusions but transfer in technology and human resource (HR) development programs, cementing anew the parameters and direction of Philippine-Japan economic exchange and complementarity,” said Trade and Industry secretary Ramon Lopez in a statement.
Tokyo Gas Co. Ltd., together with the Japanese Ministry of Economy, Trade, and Industry (METI) are into a joint study of the natural gas usage in the Philippine domestic market. Itochu Corporation will partner with Metro Pacific Investments Corporations (MPIC) in establishing more renewable energy and infrastructure projects.
The partnership between Hitachi Ltd. and Manila Electric Company (Meralco) will be focused on the stationary Battery Energy Storage System (BESS), while the joint venture between Nomura Real Estate Development Co., Isetan Mitsukoshi Holdings, Ltd., and Federal Land Inc. plans to construct a commercial and residential complex in Bonifacio Global City in Taguig.
Yamato Kogyo Co. Ltd, eyes to establish an integrated steel plant in partnership with SteelAsia Manufacturing Corporation. Ubicom Holdings, Inc., Advanced World Systems, Inc., and Alsons/AWS Information Systems will join together in creating a software development outsourcing, testing, and research and development project on data analytics, and mobile systems development. Still in the information and communications technology (ICT) sector, Densan Systems Co. Ltd. will create a Business Processing Management (IT-BPM) agreement on financial technology together with CIS Bayad Center Inc.
“These projects, ranging from retail, commercial, and residential property development, are indubitable signposts of a growing modern economy,” Lopez said. He added these projects are to generate more jobs, raise business standards, and improve business efficiency.