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Department of Trade and Industry (DTI) Secretary Fred Pascual has welcomed Sumitomo Corporation’s steadfast interest in bolstering the Philippines’ power infrastructure sector, highlighting their intent to explore further opportunities in the energy industry. This affirmation came during Secretary Pascual’s recent discussions with Sumitomo Corporation, a prominent Japanese trading giant known for its diversified portfolio.
Secretary Pascual, accompanied by other Cabinet secretaries, engaged with Sumitomo Corporation’s Diverse Urban Development Group CEO and Managing Executive Officer, Yukihito Honda, and other key officials on June 19. The meeting served as a platform to recognize Sumitomo’s substantial footprint in the Philippines and to outline strategic plans for ongoing collaboration across various sectors.
Sumitomo Corporation has played a pivotal role in the development and management of industrial parks, notably the First Philippine Industrial Park (FPIP) in Batangas, established in 1996. FPIP has been instrumental in attracting manufacturing enterprises, generating significant employment opportunities in the region.
Discussions between the parties included plans to expand FPIP, aiming to attract high-value manufacturing industries such as research and development centers and data facilities. Additionally, Sumitomo Corporation is exploring the prospect of developing residential and commercial zones around the park to enhance the quality of life for employees and the local community.
In addition to their infrastructure endeavors, Sumitomo Corporation boasts a strong track record in railway development and railcar exports, which have made substantial contributions to enhancing urban mobility and reducing air pollution in Metro Manila. Their involvement in projects like Light Rail Transit Lines 1 and 2, as well as the Manila Metro Rail Transit System (MRT) Line 3, underscores their significant impact on the Philippines’ infrastructure landscape.
Looking forward, the DTI expressed enthusiasm for Sumitomo Corporation’s expansion plans, including potential involvement in the Metro Manila Subway Project and the critical MRT Line 3 Maintenance Project. Sumitomo Corporation is also considering assuming operations and maintenance responsibilities for MRT 3 under a concession framework aimed at improving public transportation efficiency.
The meeting also underscored the Philippine government’s commitment to supporting the manufacturing sector through preferential policies and incentives. Meanwhile, Sumitomo Corporation agreed to explore collaborative efforts with the Philippine Embassy and relevant agencies to promote Japanese foreign direct investment through seminars and promotional events.
Commercial Counselor Dita Angara-Mathay, who leads the DTI’s Japan field office, highlighted Sumitomo Corporation’s interest in the privatization bid for the Caliraya-Botocan-Kalayaan (CBK) hydropower plants in Laguna. The CBK complex, encompassing three facilities with a total capacity of 796.64 megawatts, plays a crucial role in Luzon’s power system.
Secretary Pascual affirmed the Philippine government’s proactive stance in pursuing policy reforms aimed at creating a more attractive and business-friendly environment for foreign investors. These reforms include streamlining business processes, establishing expedited channels for priority investments, and implementing legislation to ensure a predictable and transparent regulatory framework.
“We believe that these initiatives, coupled with robust partnerships with established firms like Sumitomo Corporation, will pave the way for significant growth opportunities for the Philippines in the coming years,” Secretary Pascual concluded. |
