September 20, 2024 | 12:00am
MANILA, Philippines — Five Japanese companies are planning to expand their operations in the Philippines amid the government’s move to amend the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act.
Acting Trade Secretary Cristina Roque told reporters in a Viber message that she met with officials of five Japanese companies during her recent trip to Tokyo, Japan.
She said the Japan Institute of Design and Promotion, Itochu Corp., MinebeaMitsumi Inc., Aeon Co. Ltd. and Marubeni Corp. already have big investments in the Philippines, but expressed interest to invest more especially now that the CREATE to Maximize Opportunities for Reinvigorating the Economy or the CREATE MORE bill is expected to be signed by President Marcos soon.
“They expressed that there are expansion plans in the near future because of the CREATE MORE bill, as well as the increase in sales,” she said.
For Itochu in particular, she said the executives signified their interest in sourcing additional fruits and processed food from the Philippines.
AEON, which imports bananas and pineapples from the Philippines, intends to expand its sourcing to include other food products such as coconuts and its by-products, as well as avocados, chocolates and pili nuts.
AEON also intends to import non-food products from the Philippines.
Roque said the expansion of Japanese firms would create jobs for Filipinos.
CREATE MORE is among the priority legislative measures for approval of the current administration.
The bills seeks to clarify ambiguities in the implementation of the CREATE Law.
It aims to enhance the tax and administrative incentives available to companies.
It will also clarify rules on implementing value-added tax incentives.
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