CREATE MORE draws Japanese investors

Department of Trade and Industry (DTI) Secretary Ma. Cristina Roque said last week that the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) law has encouraged Japanese companies to invest in the Philippines.

Roque and Special Assistant to the President for Economic Affairs and Investments Secretary Frederick Go visited Japan from March 3 to 4 to engage with Japanese companies and business groups.

During the visit, the DTI reported that four companies pledged P23.5 billion in investments.

“Representing both the government and private sectors, those we engaged with expressed excitement and enthusiasm about collaborating with us, inspired by the positive developments they’ve heard about our country—our robust economic fundamentals and reformed policies and regulations,” Roque said.

“Specifically, what caught their attention was the recently enacted CREATE MORE law, which offers enhanced tax incentives, simplified processes, and greater opportunities for businesses to thrive in the Philippines,” she added.

Among the Japanese companies the Philippine officials met were Ibiden Co., Ltd., Nidec Corp., and Sumitomo Corp. According to the Philippine Trade and Investment Center (PTIC)-Tokyo, two of these companies are considering new investments in the country, while one is updating its three-year investment pledge.

DTI said Ibiden is looking to expand its advanced substrate technologies operations, while Nidec plans to increase its manufacturing footprint in the Philippines. Meanwhile, Sumitomo reaffirmed its commitment to supporting the Marcos administration’s infrastructure and clean energy initiatives.

Sumitomo’s ongoing projects in the Philippines include the Metro Manila Subway Project, the MRT Line 3 maintenance contract, and the First Philippine Industrial Park.

Roque also met with Fast Retailing Co. Ltd., the company behind Uniqlo, as well as the Japan Association of Corporate Executives (Keizai Doyukai) and the Japan Business Federation (Keidanren).

Meanwhile, the Philippines is set to host the 14th Asia Business Summit (ABS) in July, marking the first time the country will organize the event since its inception by Keidanren in 2010.