Source: Manila Bulletin
MANILA, Philipines — Bank of Tokyo-Mitsubishi UFJ, Ltd., one of Japan’s premier bank and one of the world’s largest in terms of assets, has committed to invest a portion of its $5 billion investment portfolio for the Philippines either through private placements or via the government’s Public-Private Partnership (PPP) projects.
Board of Investments managing head Cristino L. Panlilio told reporters that the bank, one of the biggest in Japan, has expressed interest in direct investments in the country.
“They would like to promote direct investments in the Philippines,” he said. The Japanese bank did not, however, signify how much they are willing to invest here.
Panlilio said that Bank of Tokyo officials were among those who met with President Aquino during his trip to Japan recently.
The bank’s Manila branch caters to corporate accounts and offers full banking services.
During the trip, President Aquino reportedly secured $1.4 billion worth of investment commitments from various Japanese companies.
Toyota Motor Corp. has committed to investment $26 million for the assembly of the next generation passenger car. The Japanese carmaker also committed to infuse an additional $10 million for Toyota Autoparts Philippines Inc., its parts manufacturing arm in the country.
Ichijo Company Ltd., which produces pre-fabricated wooden houses, is expanding its existing facility in Cavite where it is employing 11,7000 workers.
Panlilio said that 80 percent of the houses of Ichijo are assembled at its Cavite plant.
Orix of Japan has also tied up with Federal Land of First Metro Group for the establishment of Grand Hyatt Hotel in Fort Bonifacio. The 60-story hotel building will be the tallest building in Global City. It will be a 6-star hotel, Panlilio said. Another Japanese company has tied up with Ingasco for the supply of acetylene requirements of Texas Instruments and Phoenix Semiconductor Philippines Corp. in Clark Development Corp.
