A $500 million (P24 billion) worth of investment from a group of Japanese companies is now looking to put up its capital in the Philippines to process aquaculture products for export back to Japan.
The focused areas for investment include General Santos and Davao in Mindanao, the Clark Freeport Zone in Pampanga, and the Cagayan economic zone, wherein the Japanese firms plan to farm high-quality tuna, eel and flying fish to be processed, cooked and wrapped in the Philippines then sold to Japan.
The 15 Japanese firms are well known in food processing and part of the group is the Nisshin Food Material Company Ltd. headed by Naoyuki Ishikura chief operating officer. He said that they have already spent 20 million yen or P9 million as an initial investment.
Likewise, Noboru Oonishi, the chief executive of North Japan Trade will be responsible for the distribution of finished product in Japan.
According to a Japanese local partner, the former Nueva Ecija Rep. Renato Diaz that despite changing business environments in Japan and the Philippines in two to two-and-a-half years the Japan investment will generate as many as 8,000 jobs.
Diaz and the Japanese believe that their half-a-billion dollar venture will contribute and add in the economic growth of the Philippines and Japan.
The development outside the National Capital Region heading to the poorest provinces is part of President Rodrigo Duterte’s goal, focusing more resources directed to agriculture to generate more quality jobs accessible to a larger portion of the population. – JCE