The Philippine delegation led by President Ferdinand R. Marcos, Jr., held a roundtable discussion with companies from the semiconductor, electronics, and wiring harness industries on February 9, 2023 at The Okura Prestige Tower in Tokyo, Japan to discuss investment matters in the Philippines.
Representatives from Brother Industries Inc.; IBIDEN Co., Ltd.; Japan Aviation Electronics Industry, Ltd.; Murata Manufacturing Co., Ltd.; Nidec Corporation; Panasonic Corporation; Seiko Epson Corporation; Sumitomo Wiring System, Ltd.; TDK Corporation; YAZAKI Corporation; and Yokowo Co., Ltd. attended the discussion.
Representatives from the companies, which have presence in the Philippines, indicated plans to expand operations and ramp up the training and hiring of more Filipino workers in their Philippine-based operations.
While listening to industry leaders’ statements, President Marcos, Jr. expressed his desire for the country to be a regional service hub.
Furthermore, the President shared that the Philippines will be ready to provide the technical manpower needed by upskilling and reskilling the workforce.
The semiconductor and electronics industry is the top contributor to the manufacturing sector and is the Philippines’ largest export sector. As of November 2022, cumulative electronics exports reached US$45.63 billion or 62.36 percent of the country’s total exports.
In 2021, the Philippines emerged as the fourth largest exporter of wiring harness in the world after Mexico, China, and Romania.
In a separate event, Finance Secretary Benjamin Diokno signed two landmark projects with the Japanese government that will strengthen the transportation network and alleviate traffic congestion in the country.
One is the North-South Commuter Railway Extension Project, which spans Malolos to Clark International Airport and from Solis to Calamba. This second tranche loan is estimated to be around JP¥270,000,000,000.
Meanwhile, the North-South Commuter Railway Phase 1, from Malolos to Tutuban, is a supplemental loan worth an estimated JP¥107,017,000,000.
