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Manila Bulletin devider Business devider Trade & Industry devider Philippines vows support for 'new generation' industries

Philippines vows support for 'new generation' industries

Published Sep 16, 2024 06:57 am

The Department of Trade and Industry (DTI) said it is committed to attract foreign investment and fostering a conducive business environment, particularly for "new generation" industries. 

Acting Secretary Cristina A. Roque met with representatives from Marubeni Corp. on September 12 to discuss potential partnerships and explore opportunities for growth.

During the meeting, Roque highlighted the Philippines' strong economic fundamentals, driven by a growing middle class and a vibrant micro, small and medium enterprises sector. 

She emphasized the government's support for these sectors through initiatives aimed at improving access to finance, promoting digitalization, and facilitating market access.

Marubeni, a long-standing investor in the Philippines, expressed its continued interest in expanding its presence in the country. The company has made significant investments in various sectors, including healthcare, technology, and infrastructure.

One notable investment is Medi Linx, a centralized clinical laboratory that offers advanced Japanese technology and contributes to the well-being of Filipinos. 

Marubeni also supports family planning and reproductive health through its investment in Conceive IVF Manila Inc.

To further empower MSMEs, Marubeni has launched "etomo," an AI-based fintech service that provides virtual credit lines to small businesses. This initiative aligns with the DTI's goal of improving access to financing for MSMEs.

Beyond economic growth, both the DTI and Marubeni discussed the importance of sustainable development and environmental protection. They explored potential collaborations in renewable energy, resource conservation, and climate resilience.

Commercial Counselor Dita Angara-Mathay of the DTI field office in Tokyo emphasized the Philippines' interest in acquiring battery technology, given the country's significant nickel ore reserves. 

She encouraged Marubeni and other Japanese companies to invest in battery manufacturing facilities in the Philippines.

Marubeni Corporation, a leading Japanese general trading company, has been operating in the Philippines for over 110 years. 

Its diverse portfolio of investments spans various industries, including power, transportation, food, petrochemicals, water treatment, industrial estate, healthcare, IT, and fintech.

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MARUBENI CORPORATION Department of Trade and Industry Philippine new generation industries
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