Two more Japanese firms looking to invest in PH
At least two more Japanese firms are considering expanding into the Philippines, a move that could boost the local electric and manufacturing industries.
The Philippine Economic Zone Authority (Peza) on Thursday said Kawamura Electric Inc. and FRP Services & Company Japan were exploring such plans as revealed through a recent meeting with company officials.
Peza said Kawamura’s plan was part of a broader regional strategy as it looks to strengthen its footprint in Southeast Asia.
Meanwhile, FRP Services & Company has expressed interest in establishing a presence at the TECO Industrial Park-Special Economic Zone to supply fiberglass-reinforced particle boards for its major client located in the Cavite Economic Zone.
“We are targeting the new investors from Japan to look at the Philippines as their next investment destination,” Peza Director General Tereso Panga said in a statement.
“In the same manner, we are enticing current Japanese companies in expanding their solid footprint in the country by bringing in their supply chain. The Philippines is in the sweet spot to host these investments with all the positive advantages we presented,” he added.
Peza, in partnership with the Philippines-Japan Economic Cooperation Committee, went on a trade mission to Japan from March 3 to March 6.
The country’s economic zones under Peza are home to approximately 800 Japanese companies, providing direct employment to more than 343,000 Filipinos and generating over P500 billion worth of investments.
These numbers are expected to increase with the recent passage of the Corporate Recovery and Tax Incentives for Enterprises Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act.
Currently, Peza oversees 427 operating economic zones across the Philippines, hosting facilities for both local and foreign investors.
Businesses registered with Peza enjoy fiscal and nonfiscal incentives, including income tax holidays, special corporate income tax rates and zero value added tax rate, among others.
