AsiaNet 88092

TOKYO, Feb. 16, 2021 /PRNewswire=KYODO JBN/ --

COST EFFICIENT, RESILIENT TALENT POOL AND STRATEGIC POLICY REFORMS PROVIDE

INVESTMENT OPPORTUNITIES FOR JAPAN AND NEIGHOURING MARKETS

Today, the Philippine government in partnership with the Japan Hygiene Products

Industry Association (JHPIA) organized an online briefing with JHPIA members to

promote investment opportunities in the Philippines for manufacturers of PPE,

hygiene products and medical supplies based in Japan. The webinar showcased the

competitive advantage of the Philippines as a manufacturing base for companies

not only from Japan but also from neighbouring markets such as Taiwan, South

Korea and Malaysia.

The Philippines currently has an active and productive PPE manufacturing

sector, with 300 businesses engaged in the textile and garments industry and a

highly skilled workforce of 510,000 capable of efficiently producing PPEs. On a

monthly basis the Philippines is now producing over 80 million face masks, 10.2

million pieces of medical-grade coveralls and 65,700 face shields.

The Philippines also has a large and well-established chemical and chemical

products sub-sector, the second largest contributor to manufacturing GVA with a

value of $8.6 billion and employing over 200,000 people. The medical supplies

industry in the Philippines is estimated to contribute at least $165 million in

sales annually. With the sudden increase in demand for disinfectants, including

rubbing alcohol, hand sanitizers and cleaning materials, local companies which

have been traditionally engaged in the production of alcoholic beverages,

personal care, and food manufacturing transformed their facilities to produce

sanitizers, disinfectants and similar products.

With the high global demand for PPE, hygiene products and medical devices amid

worldwide shortages caused by the Covid-19 pandemic, the Philippine Government

has developed programs to provide financing support and additional fiscal and

non-fiscal incentives to assist companies, which include the unhampered

movement of goods and personnel and reduced corporate income tax. To date, 42

production lines including textile factories, garment plants and yarn spinning

mills have been repurposed to manufacture PPE, and over 1.5 million litres of

alcohol, sanitizer and hand spray are now produced monthly in the Philippines.

Lanie Dormiendo, OIC Director of the Philippines' Board of Investments said:

"Our large population, rich talent pool and access to key markets open up

various opportunities for Japanese manufacturers of PPEs, hygiene and other

related products as they explore business expansion or diversification. Our

country can serve both as their market and manufacturing base for exports.

Throughout this unprecedented global health emergency, the Philippines has

proven itself as a manufacturing hub for PPE and other medical supplies vital

to fighting the pandemic. We did not impose import or export restrictions and

even assisted foreign manufacturers and exporters including Japanese firms at

the height of the lockdowns enabling them to continue their factory operations."

Ferdinand Ferrer, Vice Chairman of the Coalition of Philippine Manufacturers of

PPE (CPMP) adds: "Heeding the call of the government to repurpose manufacturing

to produce medical grade PPE products and fabric, CPMP was established to

strengthen the growth of our local PPE manufacturers and sustain our supply

chain. We are open to partnerships and investments from our Japanese

counterparts to explore more opportunities and further develop our

capabilities."

The Japanese face mask manufacturer Yokoisada is one of several international

businesses to successfully set up operations in the Philippines.

Yuki Yokoi, CEO of Yokoisada comments: "The strategic location of the

Philippines has been a great advantage for our company because our main markets

are in East Asia and ASEAN. There is also available a skilled and

English-speaking workforce. During the lockdown, the DTI-BOI has assisted us in

the transit of our employees, movement of cargoes, and sourcing of raw

materials. Encouraged by the support from the Philippine government, our

company recently decided to expand and double our current production capacity

with the financial assistance we received from the Japan's government subsidy

for its supply chain diversification program."

The BOI together with the Philippine Trade and Investment Centers in Tokyo and

Osaka will host two other industry-focused webinars for businesses considering

expansion or relocation to the Philippines: a multi-sector business-to-business

event which will take place on 29 March, followed by a pharmaceutical industry

event on 20 May. For further information about the events and other support

available from BOI visit: www.philippines.business.

About the Philippine Board of Investments:

The Philippine Board of Investments (BOI), an attached agency of the Department

of Trade and Industry (DTI), is the lead government agency responsible for the

promotion of investments in the Philippines. Taking the lead in the promotion

of investments, BOI assists Filipino and foreign investors to venture and

prosper in desirable areas of economic activities. The BOI is a one-stop shop

for doing business in the Philippines. To find out more about investment

opportunities in the Philippines, visit www.philippines.business .

Photo -

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Source: Philippine Board of Investments