Tokyo, Japan
October 26, 2016
President Rodrigo Roa Duterte witnessed the signing of various Letters of Intent (LOI) and Memorandum of Understanding (MOU) between the government of the Philippines and Japan’s most prominent companies held at the Prince Park Tower Tokyo Hotel.
The following are the fruits of the country’s Comprehensive National Trade and Investment Strategy of the Department of Trade and Industry (DTI):
Letter of Intent (LOI) to invest or expand business operations in the Philippines by the following companies:
• Toyota Motor Corporation received an approval from the DTI’s Board of Investment (BOI) to be one of the three beneficiaries of the Philippine government’s Comprehensive Automotive Resurgence Strategy (CARS) Program of 2016. The company will try to impart US $70 million until July 2018 for the production of 230,000 units of the Full Model Change (FMC) Vios as the registered model within six years. Toyota was represented by its Chairman of the Board of Directors, Mr. Takeshi Uchiyamada.
• Mitsubishi Motors Corporation is also one of the three participants in the CARS Program. The company pledged to invest about US $91 million for a new stamping shop facility and production line for the Mirage model, which is expected to be operational in early 2017. Mitsubishi was represented by its Chairman, Mr. Osamu Masuko.
• Minebea will incorporate its business with Japanese electronics part maker, Mitsumi Electric Co., Ltd., by January 2017. Once the merger is done, the name will be changed to Minebea Mitsumi, Incorporated and is expected to generate a combined workforce of more or less 30,000 in the Philippines. Minebea plans to expand its operations in the country and will invest approximately US $200 million. Minebea was represented by its President and Chief Executive Officer (CEO), Mr. Yoshihisa Kainuma.
• Mr. Kenji Kawano of Tsuneishi Shipbuilding Co., Ltd. and Mr. Vicente T. Suazo executed the first Letter of Intent (LOI) on a Biomass Fuel Project in Negros Occidental. The plan is to initially conduct a pilot project valued at US $2 million in the form of a pellet factory, which will be fed by a 120-hectare test napier grass plantation. Should Tsuneishi confirm the commercial viability of the pilot stage, the next phase is to develop a 2,000-hectare plantation which will support a large scale pelletizing factory with a production capacity of 300,000 MT for export with an additional infusion of US $30 million.
Furthermore, Tsuneishi intends to engage, train and grow its workforce by involving contracted farmhouses with approximately 6,000 people.
• Mr. Shinij Watadani of Tsuneishi Shipbuilding Co., Ltd. executed a Letter of Intent (LOI) on a 120-hectare Ship Reuse Center in Negros Occidental with an investment value of US $100 million. This project will engage, train and grow Tsuneishi’s workforce in the Philippines by an additional 2,000 people in three years. Currently, Tsuneishi operates a 1.47 million-square meter dockyard on the west coast of Cebu with roughly 13,000 employees including subcontractors. It has invested over US $600 million in the country since 1994 through Tsuneishi Heavy Industries-Philippines. It has also delivered 223 ships and generated export revenues of US $5 billion from its Philippine operations.
• Ise Foods is currently investing in feasibility studies for a joint venture of a state-of-the-art integrated egg facility that can house 1.2 million chickens costing up to US $50 million. The project will potentially engage Filipinos to become specialists in the operation and management of the ISE integrated system, which would likewise contribute to the Philippine government’s poverty alleviation and food security efforts. Ise Foods was represented by its Chairman, Mr. Hikonobu Ise.
• Sumifru Group of Companies intends to expand its operation in the Philippines in the next 6-12 months in its banana and fresh fruits projects in different regions in Mindanao. It also plans to set-up a world-class research facility for the banana production. Sumifru was represented by its Chairman and CEO, Mr. Paul Edmund Cuyegkeng.
• Farmind Corporation plans to enter into an annual purchase agreement of 20 million boxes of fresh Cavendish bananas. It was represented by its Chairman, Mr. Tatsuo Horiuchi.
Memorandum of Understanding:
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