In photo: Department of Trade and Industry (DTI) Acting Secretary Cristina A. Roque with Itochu Corporation Executive Officer and Food Company President Shuichi Miyamoto

Tokyo, Japan—Driven by stronger partnerships with Japanese companies, the Philippines is at the forefront of economic growth and export expansion. This was stated by Department of Trade and Industry (DTI) Acting Secretary Cristina A. Roque during the meeting with Itochu Corporation executives on September 12.

Secretary Roque encouraged Itochu to explore the diverse range of high-quality Philippine products available for export, including processed foods, fresh fruits, and Halal-certified products.

“We are keen on expanding our exports to Japan, and Itochu, with its extensive network and experience, can be a valuable partner in this endeavor. We invite Itochu to explore the wide array of high-quality Philippine products and to work with us in developing new and innovative products for the Japanese market,” Secretary Roque stated.

With the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) bill’s recent bicameral approval, Itochu Corporation sees significant potential in the Philippine food sector.

In photo: (from the Philippine side) DTI Acting Secretary Cristina A. Roque, PTIC Tokyo Commercial Counselor Dita Angara-Mathay, and PTIC Tokyo Hirokazu Sotoyama; (From the Japan side): Itochu Corporation 8th Company General Manager Mr. Takeshi Sasaki, Itochu Corporation Executive Officer and Food Company President Mr. Shuichi Miyamoto, Fresh Food Division, Food Company, Itochu Corporation Senior Operating Officer and COO Mr. Kuniake Abe, and Public Relations Department, Research and Business Development Division, Itochu Corporation Area Manager Mr. Masaaki Yamashita

The company expressed particular interest in increasing the production and import of various food products from the Philippines, including dried mangoes, banana puree, and other processed fruits. The executives are eager to collaborate with local businesses to bring more high-quality products to the Japanese market.

With this, the trade chief emphasized how Itochu can tap micro, small, and medium enterprises (MSMEs)––the backbone of the Philippine economy, comprising 99.5% of Philippine companies and 60% of the country’s labor force.

Secretary Roque assured Itochu executives that the Philippine government commits to create favorable business environment. She further emphasized that the CREATE MORE bill, once signed into law, will address many of the investor concerns and will streamline processes for investors.

(L-R): Itochu Corporation 8th Company General Manager Mr. Takeshi Sasaki, Fresh Food Division, Food Company, Itochu Corporation Senior Operating Officer and COO Mr. Kuniake Abe, Itochu Corporation Executive Officer and Food Company President Shuichi Miyamoto, DTI Acting Secretary Cristina A. Roque, and PTIC Tokyo Commercial Counselor Dita Angara-Mathay

“The CREATE MORE bill’s passage is a significant step towards improving the ease of doing business in the Philippines. We are confident that it will boost investor confidence and attract more foreign direct investments into the country,” Secretary Roque remarked.

“This meeting underscored the country’s openness to trade and investment, and its commitment to fostering mutually beneficial partnerships with global companies like Itochu Corporation. We are optimistic that this will propel the Philippines towards a more prosperous future. Under Bagong Pilipinas, the DTI is at the forefront of ensuring that investors will find it easy to do business in the country,” the trade chief added.

Through the efforts of Commercial Counselor Dita Angara-Mathay of the DTI’s field office in Tokyo, Itochu signed a letter of intent in February 2023 to increase its pineapple production in the Philippines. Commercial Counselor Angara-Mathay noted that Itochu, one of Japan’s largest trading houses with a diversified portfolio, sees agriculture as the focus for its business operations in the country.

The company’ plantations and fruit processing facilities have generated over 45,000 direct and indirect jobs for Filipinos in Mindanao. Building upon this success, Secretary Roque expressed appreciation for Itochu’s contributions to job generation and welcomed their interest in more value adding processing activities within the country.

Itochu Corporation is a leading Japanese trading company with eight diverse business divisions—food, information and communication technology and financial business, machinery, metals and minerals, general products and realty, energy and chemicals, textiles, and consumer sector.

The company conducts significant food trading activities from the Philippines, where its food subsidiary, Dole Philippines, has been operating for over 60 years. Its subsidiary Family Mart has also opened branches in the Philippines. ♦

Date of release: 17 September 2024

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