Issue of June 2, 2019
     
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Japanese investments to fuel resurgence of manufacturing
by Press release

The recently-signed Japanese investments will fuel the resurgence of the manufacturing industry in the Philippines’ according to Department of Trade and Industry Sec. Ramon Lopez.

He said that of the 26 agreements, 19 have submitted letters of intent (LOI), which have a high rate of materialization. The 19  are in manufacturing cars, wire harnesses, printers, medical devices, and electronics.

“These investments will help expand our manufacturing base and increase our high-value exports. More importantly, these companies will employ thousands of Filipinos,” Lopez said.

DTI Special Trade Representative in Tokyo Dita Angara-Mathay said that with these investments, the Philippines will become an emerging manufacturing hub for printers, medical devices, and wire harnessing.

The agreements include an LOI from Canon to expand its investments in the Philippines for monochrome laser printers including service parts, packaging materials, and optional products.

For medical devices, Terumo Corporation signed an LOI to expand investments in manufacturing, sales, and export of medical devices such as disposable syringes, needles, safety needles, intravenous catheters, and urinary drainage bags.

Furukawa Electric Corporation and Sumitomo Electric Industries likewise signed LOIs to expand their wire harness facilities in the Philippines.

Furukawa will expand production capacity of wholly-owned centers for wire harnesses while Sumitomo will build a new facility for wiring harness and related products for export to Japan and North America.

To train future manufacturing managers, Japanese companies Tescom Denki and Outsourcing Inc. signed a memorandum of understanding with Filipino electronic and semiconductor subcontractor company EMS Group to send at least 3,000 skilled workers to Japan for training.

These workers include engineers and IT professionals among others.

Angara-Mathay said that this program will fill the gap of manufacturing managers in the Philippines.

DTI also sought out new investments through a business matching session with a diverse group of businesses, including small and medium enterprises.

Board of Investments Director Angie Cayas and DTI-Bureau of Export Trade Promotions Assistant Director Anthony Rivera gave their respective presentations on opportunities in manufacturing and services sectors.

DTI reported that the session generated 120 formal meetings, 56 informal meetings, one potential MOU, and $17.45 million in estimated business leads and potential sales to be realized in one to three years. Some Japanese companies likewise expressed interest for collaboration on financial technology and artificial intelligence.

Japanese firms also committed to invest in public and mass transport, defense, energy, power distribution, financing, food, and retail.


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