Capitalizing on the strong relationship with Japan, the Philippines actively seeks to strengthen its economic partnership with Japanese manufacturing giant MinebeaMitsumi Inc. and woo its executives to attract investments in the country.
This strategic move was underscored during a private luncheon hosted by MinebeaMitsumi, where Department of Trade and Industry (DTI) Acting Secretary Cristina A. Roque engaged with Chairman and CEO Yoshihisa Kainuma and other company executives, September 12.
“The DTI is actively working with MinebeaMitsumi and other stakeholders to ensure a successful expansion. We are confident that by working together with industry leaders like them, the Philippines can cultivate a highly skilled workforce and achieve our economic and industrial security objectives,” said the trade chief.
During the meeting, Secretary Roque highlighted the Philippines’ commitment to creating a conducive business environment for foreign investors, particularly in sectors such as renewable energy, electric vehicles, and food manufacturing and inspection.
The trade chief also emphasized the potential for collaboration in these areas, given MinebeaMitsumi’s expertise and the Philippines’ growing focus on sustainable and innovative industries.
She also added that new possibilities can be offered by the country once the Corporate Recovery and Tax Incentives for Enterprises (CREATE) More bill has been signed by the President.
“We see immense potential in partnering with MinebeaMitsumi to further develop our priority sectors,” Secretary Roque expressed. “Their technological prowess and commitment to excellence align perfectly with our vision for a robust and future-ready Philippine economy.”
The discussions also touched upon MinebeaMitsumi’s successful operations in the Philippines, which currently account for a significant part of their total global production. The company expressed their delight and appreciation to the DTI for their growing manufacturing business in the country. With this, MinebeaMitsumi reaffirmed intent to continue investing in the country’s semiconductor manufacturing industry.
The company’s recent approval for a Global South Subsidy from the Japanese government for their semiconductor facility expansion in Cebu is a significant endorsement of the Philippines’ market potential in the semiconductor industry. The Subsidy was launched by Japan to target businesses that are expected to strengthen the supply chain of semiconductors and other priority industries.
Aligned with a letter of intent signed by MinebeaMitsumi in December 2023, the company recently established a Global Support Center in the Philippines to train Filipino workers for deployment to its facilities across world. This supports the Philippine government’s aim to train 128,000 semiconductor human resources by 2028, prompted by the CHIPS and Science Act of the United States.
This allocated 50 billion US dollars to the semiconductor industry and identified the Philippines and Japan as key partners. Commercial Counselor Dita Angara-Mathay of the Philippine Trade and Investment Center in Tokyo leads the Department’s semiconductor industry capacity-building efforts in Japan through collaboration with investors such as MinebeaMitsumi.
“MinebeaMitsumi’s continued investments in the Philippines are a testament to our strong economic fundamentals and the capabilities of our workforce. We are committed to supporting their growth and fostering a mutually beneficial partnership that contributes to both our nations’ prosperity,” Secretary Roque affirmed.
MinebeaMitsumi is a forward-looking semiconductor company that produces cutting-edge motors, connectors, sensors, bearings, power supplies, and the like. It identified electric vehicles, renewable energy, artificial intelligence, and extended reality as domains of growth in the global market.
Aligned with President Ferdinand R. Marcos Jr.’s vision of a globally competitive “Bagong Pilipinas,” the DTI remains steadfast in its pursuit of strategic partnerships with global industry leaders like MinebeaMitsumi to position the Philippines as a key player in the global market.
