MANILA – President Ferdinand R. Marcos Jr.’s official go to to Japan has reaped multi-billion value of funding pledges from Japanese semiconductor companies, which might generate greater than 10,000 jobs for Filipinos, Malacanang introduced Thursday.
This developed after Marcos held a roundtable assembly with high executives of Japan-based semiconductor, electronics, and wiring harnesses companies on the Okura Hotel in Tokyo, Presidential Communications Office Secretary Cheloy Velicaria-Garafil mentioned in an announcement.
“President Ferdinand R. Marcos Jr. on Thursday secured billions of pesos worth of investment pledges from Japanese companies engaged in semiconductors, electronics, and wiring harness,” Garafil mentioned. “More than 10,000 jobs are projected to be generated by these investments, according to the President’s economic team, which will be an added boost to the Marcos administration’s push for more jobs for Filipinos.”
Marcos, she mentioned, would announce the entire quantity of funding dedication throughout the signing of the letters of intent by the Japanese firms on Friday.
Garafil mentioned the Japanese companies that attended the roundtable dialogue with Marcos have been the Japan Aviation Electronics Industry, Ltd.; Yazaki Corp.; Yokowo Manufacturing of the Philippines; Sumitomo Electric Industries, Ltd.; Brother Industries, Ltd.; IBIDEN Co., Ltd.; Seiko Epson Corp.; NIDEC-SHIMPO Corp.; and TDK Corp.
In his speech, Marcos mentioned his administration’s objective is for the Philippines to realize the standing of being a “regional hub for printers, wiring harnesses, and other electronic goods.”
“We consider your operations significant. You are a prime generator of jobs. You provide support for sectors critical to industrial development and you carry with you the promise to create value through innovation in global manufacturing around the world,” Marcos instructed the highest executives of the Japanese semiconductor companies.
The President assured that the Philippines’ base of engineers, sturdy workforce, an entrenched community of Japanese main firms, and demonstrated historical past of success within the data expertise companies sectors “offers promise for future expansion.”
“With the automotive industry moving toward electric vehicles and autonomous driving and the printer industry facing challenges related to digitalization and automation, we hope to see you recruit our talented human resources in your R&D (research and development) activities,” he mentioned.
In 2021, the Philippines was the fourth largest exporter of wiring harnesses on the planet after Mexico, China, and Romania.
The Philippines can be one of many lowest-cost producers of wiring harnesses worldwide, primarily based on exported worth and amount.
This pattern has been constructing over a 20-year interval the place wiring harness exports from 2001 to 2021 grew at a gentle tempo of 9 p.c per 12 months.
Marcos’ official go to to Japan is seen to generate about PHP150 billion in funding pledges, the Philippine Embassy in Tokyo mentioned on Tuesday.
During Marcos’ journey to Tokyo, a number of letters of intent and settlement are additionally anticipated to be signed to broaden Japanese investments within the Philippines. (PNA)