Philippines to get P75-B power plant investment from Japan

Philippines to get P75-B power plant investment from Japan

Japan’s seven major trading houses is looking to invest P198.5 billion investment interests in the country, including a P75-billion coal-fired power plant, the Department of Trade and Industry (DTI) said.

The Sogo Shosha group, comprised of senior executives from Toyota Tsusho, Mitsubishi Motors, Mitsui & Co. Ltd, Sojitz Corp., Sumitomo Group, Marubeni Corp., and Itochu Corp., expressed interest in the following industries: energy, railway and transportation, water management, and security.

The trading houses met with trading secretary Ramon Lopez, and have already committed P20 billion.

Other projects include capacity enhancements of Light Rail Transit (LRT) line 1 South extension, LRT-2 East extensions, and North-South Commuter Railway project, developments of the Davao, Cebu, and Clark transit systems, and the Philippine Coast Guard Multi Role response vessels.

“We urge Japanese investors to take the chance to invest in the Philippines as it experiences its momentous economic takeoff in the region,” Lopez said.

Lopez also secured a biomass fuel project in Mindanao and a 120-hectare ship reuse center in Negros Occidental with Tsuneushi Shipbuilding Co. Ltd.

Investments will come until 2018 and is expected to generate P15.2 billion and 32,000 additional jobs in shipbuilding and the biofuel industry.

Lopez was in Japan for an investment forum and the 35th Japan – Philippines Economic Cooperation Committee and Philippines – Japan Economic Cooperation Committee meetings.