Four Japanese firms are set to invest Php 23.5 billion in the Philippines, with a portion of the funds directed toward renewable energy projects.
In a Philippine Star report, among the firms with investment plans is Sumitomo Corporation, which is looking to expand its investments in renewable energy as part of the Philippine government’s push for energy security and lower carbon emissions.
The commitments were secured during a visit to Japan by Special Assistant to the President on Investment and Economic Affairs Frederick Go and Trade Secretary Cristina Roque on March 3 and 4.
The Department of Trade and Industry (DTI) said Sumitomo’s increased involvement aligns with the country’s efforts to transition to sustainable energy sources.
Meanwhile, Nidec Corporation, another Japanese firm, is also exploring opportunities to expand its manufacturing operations in the country. The firm is considering venturing into humanoid robotics manufacturing while continuing its gearbox production, leveraging the Philippines’ skilled workforce and strong manufacturing sector.
Trade Secretary Roque emphasized that Japanese investors were drawn to the Philippines due to recent economic reforms, particularly the CREATE MORE Law, which offers improved tax incentives and streamlined investment processes.
The Philippine government continues to encourage foreign investments in clean energy as part of its strategy to achieve energy security and sustainable development.
With these new investments, the country aims to bolster its renewable energy initiatives while enhancing job creation and technological advancements.
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