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DTI entices Japanese businesses to develop in the Philippines

Alfredo Pascual, secretary of the Department of Trade and Industry (DTI), has urged Japanese businesses to increase their investments and operations in the Philippines.

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This occurred while Pascual accompanied President Ferdinand R. Marcos Jr. on his official business trip to Japan. While there, the two visited with 11 Japanese companies that produce semiconductors, electronics, and wiring harnesses.

The Japan Aviation Electronics Industry, Brother Industries, Ltd., IBIDEN Co., Ltd., Murata Manufacturing Co., Ltd., Seiko Epson Corporation, Nidec-Shimpo Corporation, TDK Corporation, Sumimoto Wiring Systems Ltd., Yazaki Corporation, Yokowo Co., Ltd., and Panasonic Corporation are among the companies named in the DTI statement.

According to Pascual, these businesses gave the Marcos both a presentation of their current activities in the nation and their future investment intentions.

In a roundtable discussion with the Japanese companies on Thursday in Tokyo, Pascual said, “With the demand anticipated to grow in the global market, we would like to explore how we can encourage you to develop and modernize your operations in the Philippines.”

In addition to providing a forum for Marcos’ cabinet members to outline the government’s measures and reforms aimed at enhancing the investment climate, the discussion, according to him, allowed Japanese corporations to voice their concerns about the business climate in the Philippines.

As the trade preference program permits duty-free entrance of export goods from the Philippines to the US, Pascual claimed that Japanese corporations identified the renewal of the United States Generalized System of Preference (GSP) as vital for their investment decisions in the nation.

The country’s participation on the US GSP came to an end in December 2020, but Pascual claimed that the Philippine government is urging the US government to renew the GSP.

The manufacturing of electronics and semiconductors, which continues to be the nation’s leading export industry and generates more than half of all merchandise export revenues, makes the Philippines a prime location for investment, he continued.

Similar to Mexico, China, and Romania, the Philippines is the fourth-largest exporter of wiring harness worldwide.

7 percent of the global wiring harness shipments, or USD2.3 billion, were made in this industry each year.

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