The Department of Trade and Industry (DTI) reported projects approved through green lane has reached $35 billion as of May 31.
DTI Secretary Alfredo Pascual relayed this to officials of Japanese companies Sojitz Corp., Mitsubishi Corp., Murata Manufacturing Co., Ltd. and Sumitomo Corp. who the Philippine delegation met in Tokyo on June 19.
Pascual said those approved went to 68 projects across various sectors, including manufacturing, digital infrastructure and food security.
During the meeting, the DTI acknowledged the concerns raised by foreign investors such as the Japanese regarding value-added tax (VAT) incentives.
Pascual said the DTI and the Department of Finance are working together for a simpler and more efficient VAT regime through the CREATE MORE Bill.
Meanwhile, DTI commercial counselor Dita Mathay, reported that Sojitz plans more investments in cell tower construction and co-location.
Mathay said the company also eyes the introduction of its science-based farming project utilizing, among others, its high-quality NPK fertilizer.
Sojitz has various investments in fertilizers, mining, food production, and automotive dealerships in the Philippines.
Mitsubishi handles the export and import of various products, consumer market activities, as well as infrastructure and renewable energy development in the Philippines.
Murata’s operation in Batangas is its largest production site in Asia, primarily producing multilayer ceramic capacitors.
Sumitomo’s investments in the Philippines include the First Philippine Industrial Park in Batangas, which hosts approximately 150 manufacturing industries.
It has also been supporting the country’s railway projects. – Irma Isip and Angela Celis
