THREE Japanese companies are looking to invest some P14.5 billion worth of projects in the Philippines, Department of Trade and Industry (DTI) Secretary Ramon Lopez said on Thursday.
Lopez told reporters that Japanese shipbuilding company Tsuneishi is eyeing a P5-billion ship recycling facility in the country.
Lopez met with Tsuneishi President Kenji Kawano during the Philippine Economic Forum in Tokyo on Wednesday.
“Our discussions covered a prospective third project on ship recycling, using the latest internationally accredited green technologies,” Lopez said.
“The said project will generate potential investments of over P5 billion and total job generation conservatively estimated at 6,000,” he added.
This prospective project of Tsuneishi is on top of P10.2 billion worth of projects committed by the company during the state visit of President Rodrigo Duterte to Japan in October last year.
These two projects are a P5.2-billion skid barge and ship re-use center in Negros Occidental and a P5-billion biomass fuel project in Mindanao. The skid barge and ship re-use facility will create some 6,000 direct and indirect jobs, while the biomass fuel project is projected to add 20,000 jobs.
“We shall continue to cooperate with Tsuneishi in the setting up and operations of the three projects,” said Lopez.
Aside from Kawano, the trade chief had discussions with Ichijo Ltd. President Tsuyoshi Miyachi, who bared a P2-billion expansion project in Cavite.
Ichijo, a manufacturer of prefabricated housing components, will construct a two-storey factory and warehouse that will create 600 additional jobs. it currently operates five facilities in its 100-hectare property at the Cavite Export Processing Zone with 25,000 employees.
“When I learned that almost 100 percent of the Ichijo’s pre-fab housing are exported to Japan and made in the Philippines and that its competitiveness is drawn markedly from its low price point coupled with high insulation and hence energy efficient performance, I encouraged Ichijo to survey the requirements of the Philippine market for quality and cost effective mass housing,” Lopez said.
“They might also be marketable in the country. I also urged Ichijo to step up its R&D [research and development]activities in the country as Filipinos are the country’s best resource and easily among the most talented and hardworking in the world,” he added.
He said another Japanese company, which declined to be named, is also targeting to invest about P7.5 billion, creating 20,000 jobs. The Japanese company is already operating in the country and the project is part of its expansion plan here.