THE government's economic team is encouraging Japanese manufacturing giants to expand their operations in the Philippines.
Finance Secretary Ralph Recto on Friday led a Philippine delegation to Japan to encourage big Japanese manufacturing companies to expand in the Philippines, emphasizing that the country's economy is growing.
"To begin with, the Philippines is booming and has all the makings of a tiger economy. This makes us the most strategic safe haven for Japanese investors," said Recto in his speech at the Philippine Economic Briefing in Tokyo on Friday.
Among the companies targeted was MinebeaMitsumi Inc., known for making mechanical and electronic components with factories in Cebu, Bataan and Batangas. The company's products are used in mobile devices, cars, medical equipment, among others.
On the other hand, Yokohama Rubber Co. Ltd., known for its quality tires and industrial goods, operates extensively in the Philippines through Yokohama Tire Philippines Inc. (YTPI) and Yokohama Tire Sales Philippines Inc. YTPI is based in the Clark Freeport Zone in Pampanga.
The economic team also encouraged Taiheiyo Cement Corp. to expand in the country. A global player in the cement and construction materials industry, it operates a plant in Cebu through Taiheiyo Cement Philippines Inc.
Earlier, the delegation met with other top Japanese firms like Sojitz Corp., Mitsubishi Corp. and Murata Manufacturing Co. Ltd.
Recto was joined by other Philippine government officials in Tokyo including Budget Secretary Amenah Pangandaman, National Economic and Development Authority Secretary-General Arsenio Balisacan and Trade Secretary Alfredo Pascual, among others.
Ambassador Mylene Garcia-Albano also attended, representing the Philippine Embassy in Japan.
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