Over 300 Japanese Factories from China to relocate in the Philippines soon

Good news for the country’s economy! At least 300 Japanese manufacturing companies expressed interest to relocate their businesses in the country for the next five years. According to Takashi Ishigami, president of the Japanese Chamber of Commerce and Industry of the Philippines Inc., said that some of the firms had already started moving their operations here since last year, and saw the potential of our country.

"We have now many inquiries from Japanese firms. There are already 1,700 Japanese companies located here. And we will have more; it can increase by 200 to 300 easily," he said.

He said more Japanese companies were establishing their business here. "The Philippines has very good investment program and tax incentives for foreign companies particularly those offered by PEZA (Philippine Economic Zone Authority) and BOI (Board of Investments)," he said. "These are giving the Japanese firms opportunities to expand their business."

Companies will transfer here in the country such as bike manufacturer Shimano, toy maker Bandai, Fujifilm Corp., electronics components maker Murata Manufacturing Co. Ltd., among others.

The reason why multinational companies prompted some firms is to move their production here in the country. Some of the advantages that why we attract investors are well educated English-speaking workforce and good quality infrastructure.

"The business environment here is getting better. At first, only few Japanese companies had interest but now, many of them have interest to invest in the Philippines," he said.

Sources : Rappler | ManilaLivewire

By : C.M Lee