Japanese Investments to create 80,000 jobs | Global News
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Japanese Investments to create 80,000 jobs

/ 09:48 PM June 16, 2022

The Asia Defense and Armament Corporation (ADAC) has announced that it won a contract with the Philippine government for the supply of military grade binoculars to the Armed Forces of the Philippines (AFP), Philippine National Police (PNP) and other defense and security unit of the government on Thursday.

In May 2019 ADAC has signed an unprecedented Memorandum of Agreement (MOU) with Kenko Tokina Co., Ltd. (Kenko).

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The signing was done during President Rodrigo Duterte’s state visit to Japan where Japanese and Philippine business delegation ink a total of 26 agreements and letters of intent (LOIs) in a signing ceremony.

According to Department of Trade and Industry (DTI) these agreements composed of seven business agreements and 19 LOIs have an estimated investment value of P288.804 billion or $5.511 billion, and a projected employment of 82,737 jobs for the Philippines.

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With $1.8 billion in revenues, Kenko is a Japanese manufacturer of high-quality photographic lenses, accessories and optics equipment. It is a major Original Equipment Manufacturer (OEM) for one of the world’s well-known scope brands, as well as holster supplier for weapons platform and magazines for consumer and security markets. It has been operating one of its manufacturing facilities in the country in Mactan, Cebu for the past twenty years.

ADAC deals in the manufacture and trade of defense and security-related products in the Philippines including defense robotics, unmanned and aerial vehicles, cyber security and ammunition equipment.

Moving forward, the joint partnership between ADAC and Kenko Tokina Japan had a plan to build up facilities in Bataan (North of Luzon) through Authority of the Freeport Area of Bataan (AFAB) within the 4th quarter of 2022.

With the incoming new administration, ADAC is looking forward to working with more Japanese companies to further strengthen the “Self Reliant Defense Posture” or SRDP.

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TAGS: Investment, Japan, jobs
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