THE Trade department on Thursday inaugurated a P12.8-billion cement plant, built by a Japanese firm, that is expected to boost local cement production and reduce the country's dependence on imports.
Taiheiyo Cement Philippines Inc.'s (TCPI) plant in San Fernando, Cebu, is expected to boost local cement output by 3 million tons per year.
"Taiheiyo's new plant in San Fernando, Cebu, will bolster the Philippines' cement production... this investment aligns perfectly with our government's Build Better More infrastructure program," Trade Secretary Alfredo Pascual said during the inauguration.
The new plant was said to be also aligned with the country's environmental sustainability goals, featuring technology that can reduce carbon dioxide emissions by at least 10 percent through decreased energy consumption and a lower clinker factor.
"We commend TCPI for setting a new standard for environmentally responsible manufacturing in the cement industry. This advanced technology is set to reduce carbon dioxide emissions significantly," Pascual said.
The trade chief also urged the Japanese firm to sustain its investments and partnership with the Philippines as the country moves toward innovative and sustainable projects.
"To sustain this momentum, our country is committed to improving our business environment by enhancing the ease of doing business. We are streamlining and digitalizing institutional and regulatory requirements to improve speed and overall ease of doing business, especially for strategic investments," he said.
TCPI has also invested in related projects, including a P3.1-billion jetty and marine belt conveyor project, P1.4 billion for a port development and P3.7 billion for the Luzon Distribution Terminal Project.
The DTI said the investments would enhance bilateral trade and investment between the Philippines and Japan, whose government has provided over $13 billion in grants and low-interest loans through its official development assistance program.
"Japan is a vital partner to the Philippines. It is our second-largest trading partner and third-largest source of foreign investment," Pascual said.
The trade chief added that the government was focused on creating an attractive investment climate by enhancing the ease of doing business, digitalizing regulatory processes and promoting free trade agreements to sustain investment growth.
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