The Department of Trade and Industry (DTI) is courting Japanese manufacturing giant MinebeaMitsumi Inc. to expand its investments in the Philippines.
The move is part of the government's broader strategy to attract foreign capital and boost the country's economic growth.
During a recent meeting with MinebeaMitsumi executives, DTI Acting Secretary Cristina A. Roque noted the Philippines' favorable business environment, particularly in sectors such as renewable energy, electric vehicles, and food manufacturing.
She also emphasized the potential for collaboration given the company's expertise and the country's growing focus on sustainable and innovative industries.
“The DTI is actively working with MinebeaMitsumi and other stakeholders to ensure a successful expansion,” Roque said.
“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,” she added.
MinebeaMitsumi, which already has a manufacturing presence in the Philippines, expressed its interest in further expanding its operations.
The company recently received a Global South Subsidy from the Japanese government to support its semiconductor facility expansion in Cebu.
This is a major boost for the Philippines' semiconductor industry, which is also benefiting from the CHIPS and Science Act of the United States.
To support MinebeaMitsumi's growth, the DTI is working to develop a skilled workforce.
The government has set a target of training 128,000 semiconductor human resources by 2028.
The DTI's efforts to attract foreign investment align with President Ferdinand R. Marcos Jr.'s vision of a globally competitive "Bagong Pilipinas."
We see immense potential in partnering with MinebeaMitsumi to further develop our priority sectors," Roque expressed. "Their technological prowess and commitment to excellence align perfectly with our vision for a robust and future-ready Philippine economy.”