Department of Trade and Industry (DTI) Secretary Ma. Cristina Roque said Wednesday the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) law has attracted Japanese companies to invest in the country.
Roque and Special Assistant to the President for Economic Affairs and Investments Secretary Frederick Go visited Japan from March 3 to 4 to meet Japanese companies and business groups.
The DTI said during the visit, four companies pledged PHP23.5 billion worth of investments.
“Representing both the government and private sectors, those we engaged with expressed excitement and enthusiasm about collaborating with us, inspired by the positive developments they’ve heard about our country—our robust economic fundamentals and reformed policies and regulations,” Roque said.
“Specifically, what caught their attention was the recently enacted CREATE MORE law, which offers enhanced tax incentives, simplified processes, and greater opportunities for businesses to thrive in the Philippines,” she added.
Among Japanese companies that the Philippine government officials met include Ibiden Co., Ltd., Nidec Corp. and Sumitomo Corp.
The Philippine Trade and Investment Center (PTIC)-Tokyo told the Philippine News Agency that two of these companies are eyeing fresh investments in the country, while one of them is updating its three-year investment pledge.
DTI said Ibiden expressed its prospect for expanding its advanced substrate technologies operations, while Nidec eyes to expand its manufacturing footprint here.
On the other hand, Sumitomo renewed its commitment to collaborate with the Marcos administration’s infrastructure and clean energy goals.
Roque also had meetings with Fast Retailing Co. Ltd., the firm behind clothing brand Uniqlo, as well as the Japan Association of Corporate Executives (Keizai Doyukai) and the Japan Business Federation (Keidanren).
Meanwhile, the Philippines will host this year’s 14th Asia Business Summit (ABS) in July.
ABS was initiated by Keidanren in 2010. This is also the first time for the country to host the summit. (PNA)