Marcos economic managers urge Japan firms to expand in Philippines

The economic managers of the Marcos administration on Wednesday urged Japanese companies to expand their presence in the Philippines.

In a news release, the Department of Finance (DOF) said the country’s delegation to Tokyo, led by Finance Secretary Ralph Recto, held meetings with Sojitz Corporation, Mitsubishi Corporation, Murata Manufacturing Co., Ltd., and Sumitomo Corporation on the sidelines of the Philippine Economic Briefing.

The meetings were organized by the Department of Trade and Industry’s (DTI) field office in Tokyo.

Joining Recto were Office of the Special Assistant to the President for Investment and Economic Affairs (OSAPIEA) Secretary Frederick Go, Budget Secretary Amenah Pangandaman, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan, Trade Secretary Alfredo Pascual, and Transportation Secretary Jaime Bautista.

Also present were Department of Energy (DOE) Undersecretary Felix Fuentebella, Bangko Sentral ng Pilipinas (BSP) Deputy Governor Francisco Dakila, Jr., Bases Conversion and Development Authority (BCDA) president and CEO Joshua Bingcang, and Philippine Ambassador to Japan Mylene Garcia-Albano.

The DOF said the Philippines aims to leverage the technological expertise of Japanese companies to spur industry development and economic growth.

Sojitz Corporation is involved in a wide range of global businesses, including manufacturing, selling, importing, and exporting various products. In the Philippines, they operate diverse businesses, from commodities trading to several investment projects in agriculture, food, telecommunication, infrastructure, property development, automotive, and mining.

Mitsubishi Corporation is a global integrated business enterprise involved in project development, production, and manufacturing.

In the Philippines, Mitsubishi handles the export and import of various products, consumer market activities, as well as infrastructure and renewable energy development.

Murata Manufacturing Co., Ltd. specializes in research and development, manufacturing, and sales of ceramic-based electronics.

The Philippine Manufacturing Co. of Murata Inc. (PMM) in Batangas is Murata's largest production site in Asia, primarily producing multilayer ceramic capacitors.

Sumitomo Corporation engages in multifaceted business activities, including product and service sales, import and export, and both domestic and international business investment. Sumitomo's investments in the Philippines include the First Philippine Industrial Park in Batangas, which hosts approximately 150 manufacturing industries.

It has also been supporting the country’s railway projects, including MRT-3, LRT-1, the Metro Manila Subway, and the North-South Commuter Rail. — VBL, GMA Integrated News