- Japanese firms commit P51B across 10 projects in manufacturing, IT, renewables.
- Sumitomo's P20B solar plant in Batangas to create 1,000+ jobs.
- Investments to generate 5,000 jobs, boost innovation and economic ties.
Japanese companies are planning to invest P51 billion in the Philippines, which is expected to be a great boost for jobs and innovation in various sectors, as announced in the Japan-Philippines Economic Cooperation Committee Meeting in Tokyo.
The investments consist of ten different projects covering manufacturing, IT, renewable energy, and infrastructure, and show a stronger economic relationship between Japan and the Philippines amid the Philippines' goal to pursue sustainable growth and technological advancement.
Sumitomo Corporation was the largest investment, with P20 billion for a solar power project in Batangas, to produce 500 megawatts of electricity and add a minimum of 1,000 new jobs while helping the renewable energy sector.
Meanwhile, Mitsubishi Corporation committed P15 billion to expand its electronics manufacturing facility in Laguna to include semiconductor assembly/testing employment of an additional 2,500 job seekers who will help innovate and build high-tech components, and JFE Steel Corporation announced an investment of P10 billion in a new steel processing plant in Pampanga to support local construction and automotive sectors with 800 additional jobs.
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Furthermore, investments include Panasonic's P3 billion (approximately $53 million) dedicated to a line for energy-efficient appliances in Cebu and Fujitsu's P2 billion ($36 million) for a data center for IT in Quezon City that would support digital infrastructure.
These efforts coincide with the Philippines' "Build Better More" Plan and Japan's "Quality Infrastructure Investment" Plan, enabling technological transfer and skills development. Japanese Ambassador to the Philippines Kazuhiko Kiya remarked, "These investments demonstrate Japan's confidence in the Philippines' economic development potential and bring mutual benefits for innovation and jobs."
Philipine Trade Secretary Alfredo Pascual responded, "The opportunity for P51 billion will accelerate our industrial development, create thousands of jobs, and strengthen our position as an innovation hub in the region". The deals are expected to produce at least 5,000 direct jobs and additional jobs in support, contributing to the Philippines GDP growth target of 6.5 - 7.5% set for 2025.