Photo courtesy: Office of the President
Thirty-five investment deals on infrastructure, energy, manufacturing, and healthcare have been signed between the Philippines and leading Japanese firms during the working visit of President Ferdinand 'Bongbong' Marcos Jr. in the foreign country.
According to the Palace, Marcos witnessed the signing of Letters of Intent (LOI) on investments and agreements, seen to further bilateral relations between the Philippines and Japan.
Among the business deals inked were wiring harness manufacturing expansion project with Asti Corporation; a printer manufacturing expansion project with Brother Industries Ltd.; a hotel construction project with DoubleDragon Corporation and IwataChizaki Inc.; and a factory expansion project with Japan Tobacco Inc.
Also included in signed were LOIs for a new factory for autoparts with Kurabe Industrial Co, Ltd.; energy, transportation, healthcare, and afforestation projects with Marubeni Corporation; and automobile manufacturing expansion project and a commitment renewal to meet production targets with Mitsubishi Motors Corporation.
In his speech, Marcos thanked Japanese firms and partners for “considering the Philippines as a place and as a partner to grow your businesses.”
"The government of the Philippines has been working to deepen the confidence in the Philippines of foreign investors and companies,” the President said.
"And it is our hope that companies such as yours will not only find the Philippines to be an attractive investment destination, we are designing our efforts to encourage you to stay and find our country to be a place where your businesses will thrive," he added.
The 35 LOIs and agreements are as follows:
- Government-to-government memorandum of cooperation between the Department of Trade and Industry and the Japan External Trade Organization for bilateral investment cooperation mainly through exchange of information
- Nomura Real Estate Development Company Ltd. and Federal Land memorandum of understanding (MOU) to reaffirm commitment to jointly undertake and invest in real estate projects and retail businesses in the Philippines
- Kawasaki Heavy Industries, IKS Company Ltd., and Amber Kinetics Inc. and Aboitiz Power Corp. agreement to form a consortium for the implementation of a mechanical energy storage projects that will be serving the Philippines, Japan, Southeast Asian nations, and Australia
- JERA Co. Inc and Aboitiz Power Corp. to work together to assess potential for greener fuels including ammonia and hydrogen to support decarbonization efforts
- MinebeaMitsumi Inc. LOI to open up a new factory that will manufacture state-of-the-art optical image stabilizers and a notable solar power project in the country
- Go Negosyo and MSME Development Council certificate of gratitude to the Ministry of Foreign Affairs of Japan for its support of the Philippines’ entrepreneurial mentorship program
- Japan Tobacco Inc. LOI to infuse additional investments in the Philippines for factory expansion, marketing, and sales, which will translate to 600 new jobs for Filipinos
- Marubeni Corp. LOI reaffirming intention to get into new investment projects in the fields of infrastructure development, energy, transportation, healthcare, and afforestation projects
- Marubeni Corp.’s Power Division and Oriental Energy and Power Generation Corp. memorandum of agreement (MOA) on pursuing projects on energy transformation, healthcare, and afforestation
- Brother Industries LOI to construct a third factory for producing various types of printers
- Taiheyo Cement Corp. LOI to expand operations in the Philippines with a kiln renewal project that will increase its cement production capacity
- Itochu Corp. through partnership with DOLE Philippines to significantly increase pineapple production volume, which is expected to generate new employment
- TDK Corp. LOI to construct a second factory building adjacent to its manufacturing facilities in Laguna TechnoPark for the manufacture next generation HDD heads and other components
- DoubleDragon Corp. and Iwata Chizaki Inc. agreement to put up a hotel project in Hokaido, Japan
- Murata Manufacturing Company Ltd LOI to put up the design, manufacture, and sale of ceramic-based electronic components
- Nidec Corp. LOI to invest in new blocks in their existing Subic factory to substantially increase production capacity of medium-size speed reducer gears to meet growing global demand
- Mitsubishi Corp. LOI to affirm intention to participate in infrastructure activities, transportation, commercial and residential real estate development, and mass housing projects in the Philippines
- Mitsubishi Motors Corp. LOI to renew target production commitments under the Philippines' CARS (Comprehensive Automotive Resurgence Strategy) program and expand automotive manufacturing activities in the Philippines by adding another locally assembled vehicle model in its production line up
- Vista Land and Lifescapes Inc. and Mitsubishi Estates Company Ltd. agreement to enter into a joint venture for the development of land intended for horizontal and vertical residential projects, office buildings, and commercial real estate development projects
- Renova Inc. LOI to expand current renewable energy operations in the Philippines
- Toyota Motors Corp. LOI to establish a new light commercial vehicle manufacturing project and further plans for additional investments specifically for the localization of a wide-range of automotive parts
- Sumitomo Corp. LOI to upgrade and upscale Philippine rail systems. Sumitomo is the winning bidder to supply 648 rolling stocks for both NSCR and Metro Manila Subway. The company is expected to extend its maintenance contract for MRT-3 rehabilitation to 2025
- Ubicom Holdings Inc., Advance World Systems Inc,and Alsons/AWS signify intention in areas of software development outsourcing
- Hankyu Hanshin Properties Corp. and W Landmark agreement intent to co-invest in REIT and joint venture in commercial real estate activities
- Kurabe Industrial Corp. LOI to invest in production facility for the manufacture of automotive seat heaters, steering wheel heaters, and heating wires in Lima Technology Center-Special Economic Zone
- Yamaichi Electronics LOI to expand investment footprint in the Philippines with a third factory for IC sockets for semiconductor testing and connectors with a target completion date of 2024
- Asti Corp. LOI to set up a production unit intended to start a high capacity facility as part of its expansion plans in the Philippines for high quality products such as wiring harnesses —expected to generate employment over the course of three-year rollout plan
- Tamiya Inc. LOI to invest in the construction of a new factory in the Cebu Light Industrial Park dedicated for the production of Tamiya’s popular products
- Kenko Tokina Company Ltd LOI to acquire a new factory building and establish a new company that will assemble SMT (surface mount technology) products in 2023. The new SMT product line will produce electronic systems of range finders, rifle scopes, and other optical products
- Hitachi Aquatech Engineering Pte Ltd and Filinvest Development Corp. agreement for the development, construction, and operation of a desalination facility to supply potable water to Metropolitan Cebu and engage in other similar projects
- Sojitz Corp. LOI involving the building and development of a site for completion in June 2025 —the project will seek to obtain LEED certification.
- Sojitz Corp. LOI to build a digital telecommunications infrastructure project.
- Sojitz and Maestro Holdings Inc joint venture partnerships in insurance, healthcare, logistics, and education
- Marubeni Corp., Dacon Corp., and Department of Environment and Natural Resources agreement to adjoin carbon credit program to the JCM or voluntary credit system to establish reforestation program in the Philippines
- Bases Conversion and Development Authority and New Energy and Industrial Technology Development Organization MOU involving development of smart mobility system
The signing follows a day after the first bilateral meeting between President Marcos and Japanese Prime Minister Fumio Kishida at the Prime Minister’s Office in Tokyo.
