TRADE Secretary Alfredo E. Pascual urged top Japanese trading houses to participate in efforts to enhance bilateral economic and trade relations between the Philippines and Japan, particularly in the areas of technology and employment.
“Consistent with the Asean-Japan Co-Creation Vision which promotes the idea of Asean and Japan working together through complementary strengths, let us also work towards a sustainable partnership and reinforce each others’ business capabilities. Let us make this business happen in the Philippines,” Pascual said.
The meeting was attended by Itochu Corporation President and CEO Hiroyuki Kaizuka, Marubeni Corporation Chief Strategy Officer and Regional CEO for East Asia Kenichiro Oikawa, Sojitz Corporation COO Takefumi Nishikawa, Sumitomo Corporation General Manager Yukihito Honda, and Toyota Tsusho Corporation Deputy Chief Strategy Officer Kohei Okada.
With their “long and established presence” in the Philippines, the Department of Trade and Industry (DTI) said sogo shoshas, or trading companies, have played a large role in the development of the country’s economy.
“Their diversified interests span almost the entire spectrum of economic activities from energy, infrastructure, trade, utilities, logistics, trading, real estate, industry and services,” DTI said in a statement on Wednesday.
Japan’s sogo shoshas are beginning to expand their presence in the Philippines from the traditional space of trade and investment to integrated financing, logistics and commercial distribution, digitalization, green energy, environment, food security and all around pioneering technologies (electronic commerce, bio-projects and aerospace), DTI said.
Meanwhile, Pascual also met with Murata Manufacturing Co. Ltd. on Monday.
The Trade chief highlighted the Philippine government’s focus on “increased productivity, quality improvements, value adding and reduction of foreign investors’ operational costs.”
According to DTI, the meeting, organized by the Philippine Trade and Investment Center (PTIC)-Tokyo, is a follow up to the Roundtable Meeting with Semiconductor, Electronics, and Wiring Harness companies in February, at the sidelines of the President’s Visit to Japan.
Murata operates in the Philippines through the Philippine Manufacturing Co. of Murata, Inc. (PMM), which has expanded their product line of Multilayer Ceramic Capacitors (MLCC). MLCC is one of the primary businesses of Murata, aimed at responding to the future strong demand of the automotive industry.
With a workforce of 3,300 employees, PMM has invested a total of P33 billion for its manufacturing facility in the Philippines. Since 2012, PMM it has contributed to the country’s exports with its accumulated export sales of US$1.267 billion.
Last Tuesday, on the sidelines of the Asean-Japan Business Week, Pascual highlighted the Philippine government’s efforts to support manufacturing companies, especially through game-changing reforms implemented by the Marcos administration during the bilateral meeting with Nidec Drive Technology Corporation (NIDEC) President and CEO Mr. Tatsuya Nishimoto.
The company said it will expand production capacity to close to 300,000 pieces at peak operations, which will translate to P5.1 billion in export receipts for the country.
DTI said in a statement on Tuesday that the Fiscal Incentives Review Board (FIRB) recently approved incentives for Nidec’s newest investment for the manufacture and assembly of medium to large sized gear boxes for industrial robotic gears. The new product line called Kinematex is a high accuracy gearbox used as a base, arm and shoulder for industrial robots, auto tool changers and loader machines.
NIDEC is a Japanese company engaged in the manufacturing and assembly of precision electronic, measuring instrument, power transmission, ceramic art equipment, motors for computer peripherals, VCR, reducer gears for robotic application and home appliances and other high value added specialized digital core parts for multimedia.
