Dutch firm Molex Integrated Products Philippines Inc. a Dutch firm and Nippon Keidanren will invest Billions to the Philippines.
Dutch firm Molex Integrated Products Philippines Inc. is investing ₱1.15 billion for the manufacture of cable assemblies in the country, according to Lilia de Lima, director-general of the Philippine Economic Zone Authority (PEZA).
This project pushed up total committed investments in PEZA in January to February by 47 percent, De Lima said.
Investments for the two-month period rose to ₱16 billion from ₱11 billion in the same months last year, De Lima said.
Molex will employ 1,265 at its planned facility to be set up in an 11-hectare property in the Hermosa economic zone.
De Lima said 2012 is a banner year for PEZA even as the agency posted a 41-percent increase in investments last year.
De Lima said Japanese investments will lead the commitments this year in PEZA.
"Japanese investments will drive growth this year," De Lima said.
Japan's biggest printer manufacturing companies Epson, Brother and Canon have set up shop in the Philippines.
Canon, with its ₱20-billion investment, would also eventually manufacture its projectors in the Philippines.
The country, De Lima said, is also on the radar screen of European companies. One Israeli firm engaged in electronics is also keen on the Philippines.
While PEZA strongly pushes manufacturing, it is expecting a huge investment in shipbuilding. De Lima declined to identify the company.
A steel manufacturing project is also in the pipeline.
The Japan Business Federation (Nippon Keidanren) has expressed eagerness to invest in Philippine tourism, energy, and infrastructure industries even as Malacañang underscored the country's strategic trade agreements with Japan.
Eighteen members of the powerful Keidanren delegation to the Philippines on Friday (March 9, 2012) paid a courtesy call to President Benigno Aquino III, accompanied by the Japanese Minister for Economic Affairs, the Ambassador of Japan to the Philippines, and the second secretary of the Japanese embassy.
With President Aquino were Foreign Affairs Secretary Albert del Rosario, Finance Secretary Cesar Purisima, Trade Secretary Gregory Domingo, and Philippine Ambassador to Japan Manuel Lopez.
"The President discussed with the members of the delegation possible investment areas that they may be interested in, namely infrastructure, energy and tourism and the President likewise stressed the importance of the strategic trade partnership between the Philippines and Japan," Palace spokesperson Abigail Valte said shortly after the meeting.
Members of the Japan Business Federation, who met the President includes:
- JBF Chairman Nobuo Kuronayanagi,
- The Bank-Mitsubishi UFJ Ltd chairman Mutsutake Otsuka
- East Japan Railway Co. chairman of the board of councilors Fumiaki Watari
- Japan Business Federation chairman Hiromasa Yonekura
- Sumitomo Chemical Co. Ltd senior adviser Katsuaki Watanabi
- Toyota Motor Corp chairman of the board Atsutoshi Nishida
- Toshiba Corp chairman Nobuo Katsumata
Marubeni Corporation chairman of the board Katsutoshi Saito and Dai-ichi Life Insurance Co. Ltd.
The Nippon Keidanren is an all-encompassing economic organization, established in 2002 following a merger between the Keidanren (Japan Federation of Economic Organizations) and Nikkeiren (Japan Federation of Employers' Associations).
As of mid-2011, the organization was listed as having 1,603 members, consisting of 1,281 companies; 127 industrial associations; and 47 regional economic organizations.
Written by Makisig Bayani
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