PH economic team scores P51-B commitments from Japanese firms

The Philippines secured some P51 billion worth of new investments and project expansions from three Japanese conglomerates following a series of high-level meetings with Manila’s economic team in Tokyo.

According to the Department of Trade and Industry (DTI), the new investments are in consumer services, property development, advanced industries, and clean energy, along with a fresh entry in the leisure and entertainment sector.

Among the deals secured is that of entertainment and leisure firm Koshidaka Holdings Co. Ltd’s P34-billion investment to open 300 karaoke outlets in the Philippines over the next decade. Its first Karaoke Manekineko outlet in the Philippines is scheduled to open in 2026. Its Philippine subsidiary will spearhead the group’s expansion into the Association of Southeast Asian Nations (ASEAN).

Another investment is that of Marubeni Corp. that committed P15 billion for real estate, fintech, healthcare, and afforestation projects. It also specifically committed to help develop renewable energy in the Philippines and make power more affordable in the country.

Sojitz Corp. was also reported to have confirmed a P2 billion to P3 billion investment in a property developer to attract artificial intelligence (AI), semiconductor design, software, and healthcare firms, along with an interest in aviation-related projects.

The DTI said global trading and investment firm Mitsui & Co. Ltd. also reaffirmed its partnership with Metro Pacific Investments Corp. and Steel Asia on a steel recycling initiative that supports circular economy, and decarbonization goals.

The commitments were finalized through the meetings in Tokyo arranged by the DTI’s field office in Tokyo, led by Finance Secretary Ralph Recto and joined by Trade Secretary Cristina Roque, Economy, Planning and Development Secretary Arsenio Balisacan, and Energy Secretary Sharon Garin.

“These commitments in green energy, smart housing, healthcare, and creative services highlight the strength of our partnership with Japan,” Roque said in an emailed statement.

“DTI and the economic team will work together to ensure these projects generate quality jobs, strengthen supply chains, and advance the country’s shift to a green, digital, and broad-based economy,” she added.

Latest data available from the Bangko Sentral ng Pilipinas (BSP) show that foreign direct investments (FDI) net inflows into the Philippines fell to a six-month low of $376 million in June, reflecting the shift in foreign investments in equity capital. — RSJ, GMA Integrated News