JAPANESE FIRMS have confirmed plans to further expand their operations in the Philippines, the Philippine Economic Zone Authority (PEZA) said.
In a statement on Thursday, PEZA said the commitments were generated during a business mission to Tokyo and Saitama, a city near the Japanese capital, last week.
“The mission underscored the Philippines’ commitment to attracting and sustaining Japanese investment through stronger government-to-business engagement, the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act, and targeted investment promotion strategies,” PEZA said.
During the mission, PEZA met with executives from the Sumitomo Mitsui Banking Corp. (SMBC) to discuss continued collaboration beyond Japan.
“The discussions centered on continuing and deepening the PEZA-SMBC partnership beyond Japan, particularly in other key Asian markets such as South Korea and Taiwan, where both parties see strong potential to promote Philippine investment opportunities,” it added.
PEZA Director General Tereso O. Panga said Japanese investors have recovered their position as PEZA’s top source of investment approvals.
“Japanese locators remain among PEZA’s most valued partners, consistently contributing to our country’s export revenue, job creation, and technology,” he said.
“Through this mission, we reassured our Japanese partners of PEZA’s full commitment to providing a competitive, seamless, and sustainable investment environment,” he added.
During the mission, PEZA met with Sumitomo Wiring Systems, Ltd. which currently employs 23,000 workers in Bataan, Tarlac, and Pangasinan.
PEZA also held meetings with MinebeaMitsumi, Inc., Earth Corp., Kanepackage Japan, and KGS Philippines Corp. which indicated plans to expand or set up their operations in the Philippines.
PEZA also met with Kaga Electronics Co. Ltd. which made introductions to its network of Japanese customers. — Justine Irish D. Tabile