In photo: Department of Trade and Industry (DTI) Secretary Fred Pascual and other Cabinet secretaries during their meeting with Mitsubishi Corporation

Tokyo, Japan—The Philippines’ young and skilled workforce, robust economic growth, and commitment to a sustainable future make the country an ideal location for global companies like Mitsubishi Corporation to invest and expand their operations, according to Department of Trade and Industry (DTI) Secretary Fred Pascual.

On June 19, DTI Secretary Pascual and other Cabinet secretaries met with representatives from Mitsubishi Corporation, a leading global integrated business enterprise. The dialogue focused on exploring opportunities for increased investment in the Philippines, particularly in infrastructure development, energy transformation, and other key sectors.

“As we navigate the challenges of climate change, the Philippines is positioning itself as a leader in renewable energy and green metals. Our rich reserves of nickel, copper, and cobalt present immense opportunities for investment in these sectors,” Secretary Pascual stated as he pitched for stronger partnerships in agricultural technologies and modernized logistics infrastructure, including vital cold chain investments.

Mitsubishi Corporation reaffirmed its commitment to the Metro Manila Subway Project, formalized through a letter of intent with the Philippines. The company reported that as of May 2024, the project is exceeding planned progress—the system’s preliminary design is nearing completion, with pre-final design currently underway. Regular interface meetings with civil contractors, rolling stock contractors, and other stakeholders are also ongoing.

Commercial Counselor Dita Angara-Mathay of the DTI field office in Tokyo reported that Mitsubishi Corporation expressed keen interest in contributing to Philippine infrastructure development via new projects that leverage its expertise in Energy Transformation and Digital Transformation within new industries.

This aligns with Mitsubishi Group’s Roadmap to a Carbon Neutral Society, which allocates JPY 2 trillion for Energy Transformation-related global investments. Moreover, the trading house is eager to explore new business opportunities to cater to upward trends in the consumer market.

L to R: Department of Budget and Management Secretary Amenah Pangandaman, Department of Transportation Secretary Jaime Bautista, Department of Finance Secretary Ralph Recto, Special Assistant to the President for Investment and Economic Affairs Frederick Go, Department of Trade and Industry Secretary Fred Pascual

Acknowledging Mitsubishi Corporation’s existing involvement in Philippine infrastructure projects like the Metro Manila Subway and North-South Commuter Railway, the DTI emphasized the government’s focus on infrastructure development through the “Build, Better, More” program. This program presents numerous opportunities for collaboration, with 185 priority projects worth PHP 9.5 trillion (USD 162 billion) planned.

Furthermore, the DTI highlighted the Philippines’ advantageous trade position. The country benefits from multiple Free Trade Agreements and preferential trade arrangements, including the Philippines-Japan Economic Partnership Agreement. These agreements not only improve trade but also promote investments between partner nations.

Looking ahead, the DTI stressed that incorporating sustainability, climate resilience, and disaster-proofing will be a priority in all infrastructure projects. This aligns with Mitsubishi Corporation’s own stated goals of energy and digital transformation initiatives.

The DTI also highlighted the Philippine Construction Industry Roadmap, which envisions a robust construction industry generating PHP 130 trillion worth of business by 2030. This roadmap prioritizes building with integrity, a value that aligns with Mitsubishi Corporation’s global operations.

“The Philippine government is eager to work closely with Mitsubishi Corporation to explore potential business ventures and collaborations across various sectors. We are confident that the Philippines offers a strong platform for Mitsubishi Corporation to achieve its business goals and contribute to the country’s economic development,” said Pascual.

Mitsubishi Corporation is a global integrated business enterprise that develops and operates businesses through its global network of around 1,800 group companies. It has eight business groups that operate virtually across environmental energy, materials solutions, mineral resources, urban development and infrastructure, mobility, food industry, smart-life creation, and power solutions. ♦

Date of release: 20 June 2024

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