NextGen Day

According to Malacanang, President Ferdinand R. Marcos Jr.’s official visit to Japan has resulted in multi-billion dollar investment pledges from Japanese semiconductor companies, which might result in creating more than 10,000 employment opportunities for Filipinos.

According to a statement from the Presidential Communications Office Secretary Cheloy Velicaria-Garafil, this came about when Marcos met with top executives of Japanese semiconductor, electronics, and wiring harness companies at a roundtable conference at the Okura Hotel in Tokyo.

According to Garafil, “President Ferdinand R. Marcos Jr. on Thursday obtained investment promises amounting to billions of pesos from Japanese semiconductor, electronics, and wiring harness industries. According to the President’s economic team, these investments are expected to create more than 10,000 jobs, which will help the Marcos administration’s effort to increase the number of jobs available to Filipinos.

She stated that after the Japanese companies signed their memoranda of intent on Friday, Marcos will reveal the overall amount of investment commitment.

According to Garafil, Japanese companies Japan Aviation Electronics Industry, Ltd., Yazaki Corp., Yokowo Manufacturing of the Philippines, Sumitomo Electric Industries, Ltd., Brother Industries, Ltd., IBIDEN Co., Ltd., Seiko Epson Corp., NIDEC-SHIMPO Corp., and TDK Corp. attended the roundtable discussion with Marcos.

Marcos stated in his address that the Philippines’ ambition is to become a “regional hub for printers, wiring harnesses, and other electronic items.”

“We value your operations highly. You are a significant employer. The pledge to create value via innovation in global manufacturing is something you take with you, and you support sectors that are essential to industrial development, Marcos said the top executives of the Japanese semiconductor companies.

According to the President, the Philippines’ strong workforce, a network of established Japanese top corporations, the base of engineers, and track record of achievement in the information technology services industry “holds potential for future expansion.”

We expect to see you employ our brilliant people resources in your R&D (research and development) efforts, he added, noting that the printer sector was experiencing issues linked to digitalization and automation and the car industry was heading toward electric vehicles and autonomous driving.

After Mexico, China, and Romania, the Philippines was the fourth-largest exporter of wiring harnesses in the world in 2021.

In terms of the amount and value of wiring harnesses shipped, the Philippines is also among the lowest-cost producers in the globe.

Exports of wiring harnesses increased steadily at a rate of 9% year from 2001 to 2021, continuing a 20-year trend.

According to the Philippine Embassy in Tokyo on Tuesday, Marcos’ formal visit to Japan is expected to result in investment commitments worth roughly PHP150 billion.

Numerous letters of intent and agreements are anticipated to be inked during Marcos’ visit to Tokyo in order to increase Japanese investment in the Philippines.

infrastructure and the growth of small companies

In order to promote various economic activities in the future, Marcos also boasted that his administration is rushing to implement the “Build, Better, More” infrastructure initiative.

As he recognized, the infrastructure development initiatives started by the previous administration and carried out under his watch are “extremely tenacious and combative

Because we recognize the significance of infrastructure development, not only in terms of roads and imports but also in terms of the soft infrastructure that we must have in place, we have actually expedited it further and given it a priority, the President stated.

Additionally, Marcos emphasized the significance of providing MSMEs with the required assistance so that they can become “real engines of growth.”

“We want to support and empower our small and medium-sized businesses, just like Japan has done, so they can grow into real engines of growth. They are the center of our towns, he declared.

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