Juken Sangyo Ltd., a Japanese manufacturing firm engaged in the processing of world-class wood panels and decorative lumber boards inaugurated its new factory with total investments of $20 million and providing more than 1,000 job opportunities here.
The company opening is the first since President Gloria Macapagal-Arroyo assumed the presidency and the first major Japanese investment in the country for the 21st century.
President Arroyo extended her congratulations to the Subic Bay Metropolitan Authority (SBMA) for the new investments in the Freeport under the management of Chairman Felicito Payumo.
Interior and Local Government Secretary Jose Lina and SBMA Chairman Payumo led the inaugural ceremony attended by some 300 Japanese businessmen exploring investment opportunities in this premier Freeport zone. Also joining them was Ambassador Alfonso T. Yuchengco who is the country’s special envoy to China, Japan and Korea.
Lina extended the congratulations of the President and left the Japanese contingent with the reassurance that government will protect the investments they have set up here in the country.
"I leave you this promise that rest assured we will do everything to protect the investments that you have set up in the country," Lina stated.
Payumo expressed optimism that Juken Sangyo’s investment of $20 million would "snowball" Japanese investments further citing the support of the Japanese government as well as its private sector to Subic in two major infrastructure projects, the Subic Port Development and the Subic-Clark-Tarlac Toll Road.
The new plant will be importing logs from its subsidiaries, Juken Nissho Ltd. based in New Zealand and then later process these into excellent pieces of intricately designed wood which can be used for posh architectural undertakings in both residential and commercial structures.
Payumo added that the bustling industrial and commercial centers inside Freeport zone would serve as the country’s economic showcase aimed to encourage more business ties between the Philippines and Japan.
"We welcome the show of interest by our Asian neighbors particularly Japanese investors to locate to Subic Freeport. This is a definite manifestation of continued confidence on us by foreign investors," Payumo said.
Payumo pointed out that the company had looked at 15 different sites for their new plant but decided on setting up shop in Subic because of its excellent location, infrastructure and workforce.
Senior managing director Yusho nakamoto of Juken Sangyo Co. Ltd. noted that Juken Sangyo is expected to be exporting 750 containers of processed products a month to Hiroshima, Japan.
Payumo said foreign locators like Juken Sangyo are coming over to the Freeport with built-up confidence enticing more investors not just because of its strategic location and tax incentives but its safety, security and comfortable lifestyle foe expatriates and their family.
Another Japanese global company Sanyo Denki inaugurated its $3.5-million new manufacturing plant last month over 4.3 hectares of prime industrial land at the Subic Bay Techno-Park (STEP).
Sanyo Denki has committed total investments of $21 million tot he Freeport and is expected to generate more job opportunities here. Sanyo Denki is a world leader in the manufacture of small precision motors, servomotors and systems, UPS and engine generators with a global network of 26 offices located over 15 countries.
Recently, Sankyo Seiki Manufacturing, one of the biggest publicly listed corporations in Japan broke ground in the Freeport where it will began constructing its plant over 5.5 hectares of prime industrial land at the Subic Techno-Park (STEP).
Sankyo Seiki committed total investments of $100 million into the Freeport and the creation of 3,500 jobs. Its operation here will go into the manufacture of high-speed precision electronic equipment, micro-motors for computer peripherals and other high value added specialized digital core parts for multi-media and other business. It is expected to begin operations by October 2001.