JAPANESE retail and manufacturing firms expressed interest to invest more and expand operations in the Philippines, following the Department of Trade and Industry’s (DTI) business mission in Tokyo last week.
AEON Retail Co. Ltd. wants to expand its import portfolio to include coconuts and its by-products, avocados, chocolates, and pili nuts. Currently, the Japanese retailer is importing bananas and pineapples from Philippine suppliers.
Acting Trade Secretary Cristina Roque said that this development would boost the country’s exports.
The DTI disclosed AEON is also keen on putting “Tatak Pinoy” and One Town, One Product-compliant products in its retail stores to promote authentic Filipino craftsmanship and support local industries.
Roque said that DTI’s engagement with AEON would also attract more foreign investments and contribute to the country’s economic growth and development.
The DTI official also met with MinebeaMitsumi Inc.’s chair and CEO Yoshihisa Kainuma, who reaffirmed the company’s commitment to more investments, particularly in the semiconductor sector.
The Japanese manufacturer received approval for a Global South Subsidy from its government for its semiconductor facility expansion in Cebu. The DTI said this underscores growing confidence in the Philippines’ potential in this industry.
The establishment of a Global Support Center in the Philippines to train Filipino workers further highlights MinebeaMitsumi’s dedication to developing a highly skilled workforce.
“This aligns with the goal of the Philippine government to train 128,000 semiconductor human resources by 2028, in line with the CHIPS and Science Act of the United States,” DTI said.
Moreover, Japanese companies are optimistic about the anticipated signing of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy bill by President Ferdinand Marcos Jr.
The DTI added it continues to actively seek strategic partnerships with global industry leaders to position the Philippines as a key player in international business.
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