President Ferdinand Marcos Jr. in Japan. File photo
TOKYO, Japan — The Philippines, through President Ferdinand Marcos Jr., got investment pledges from Japanese semiconductor and electronics companies that are expected to translate into over 10,000 jobs for Filipinos, the Presidential Communications Office (PCO) said on Thursday.
According to the PCO, Marcos presided over a meeting attended by several of Japan’s companies in the semiconductor and electronic industries, which are looking to expand operations in the Philippines.
While PCO said that Marcos will announce the total amount of investment pledges on Friday, it is believed that it could amount to billions of pesos.
Also, the President believes inviting Japanese firms to do business in the Philippines would bode well for the country’s aspiration to become “hub of excellence” for these industries.
“We aspire to become hubs of excellence for sectors where we have a natural comparative advantage. We want the country to attain the status as a regional hub for printers, wiring harnesses, and other electronic goods,” Marcos said in his speech.
“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,” he added.
Marcos’ pitch to the businesses included the promotion of the country’s skilled workforce, which he said would complement in solving challenges faced by the semiconductor and electronic industries.
According to the President, the combination of Filipino engineers and the country’s strong workforce, along with the well-connected network of Japanese leading companies offer a promising future for expansion into the Philippines.
“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 added.
Marcos is in Tokyo, Japan for a five-day official working visit, running from February 8 to 12. During this period, Marcos and the members of his delegation would meet business players and government officials to talk about infrastructure development, defense, and agricultural improvements.
On Thursday, he is expected to meet members of Japan’s Imperial Family here, and then eventually Prime Minister Kishida Fumio at the Prime Minister’s Office.
READ: Bongbong Marcos arrives in Japan for five-day official visit
According to the PCO, officials and representatives from the following companies were present in the meeting:
- Japan Aviation Electronics Industry, Ltd.
- Yazaki Corporation
- Yokowo Manufacturing of the Philippines
- Sumitomo Electric Industries, Ltd.
- Brother Industries, Ltd.
- IBIDEN Co., Ltd.
- Seiko Epson Corporation
- NIDEC-SHIMPO Corporation
- TDK Corporation
The PCO also said there is strong optimism that the pledges would bear fruit, especially considering that the Philippines is one of the world’s largest exporters of wiring harnesses, aside from having one of the lowest costs across the globe.
Prior to this meeting, Marcos sat down with tourism stakeholders from Japan, as he encouraged the latter to engage in education tourism, inviting Japanese students who want to learn English to study in the Philippines.
Marcos said that his administration is seeking to shift from just using tourism as a “promotion arm” but also ensuring that both travelers and locals are comfortable.
READ: Marcos woos Japanese to learn English and study in the Philippines
On Wednesday night, Marcos had a dinner meeting with some business leaders in Japan, where he urged the stakeholders to resume business partnerships made dormant by the COVID-19 pandemic.
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