Japanese firm may invest over P1B in RP

A Japanese firm, together with the government of Japan, is looking at the possibility of investing more than $1 billion in the country’s mining industry as it continues to explore two mine sites in Batangas.

“JOGMEC (Japan , Oil, Gas, Mineral and Energy Corp.) is currently undertaking a study for a private firm in relation to mining activities in Talisan and Ibaan Batangas,” Trade Undersecretary Elmer C. Hernandez told The STAR in an interview.

According to Hernandez, JOGMEC, which is a government corporation, has a “keen interest” on the two mine sites.

“They are looking at mining copper and gold,” he said.

Depending on what the result of the exploratory studies, Hernandez said the Japanese firm will invest anywhere between $200 million to over $1 billion.

The Department of Trade and Industry (DTI) has announced that investment commitments in the country already reached P391 billion, as businessmen remain upbeat in the country’s economy.

“The DTI has already exceeded its full year target,” Hernandez said.

The combined full year investment targets of the Board of Investments (BOI) and the Philippine Economic Zone Authority (PEZA), the two attached agencies of DTI is P391 billion.

This represents a 12-percent growth from the 2007 investment figure.

Likewise, Hernandez said that in spite of the global economic crunch, no investor has backed out from its investment commitments.

“As of today, no investor has backed out and no one has said that they will delay their investment,” Hernandez noted.

This is good news for the country especially since investments next year is expected to slow down.

“If ever there is a slow down in investments then I think we should take that opportunity to make the Philippines a better investment destination,” Hernandez explained.

Hernandez said the country should not force the issue of investments.

Instead, the government must focus on ways to make the country better like improving infrastructure and training the manpower.

“These are the things investors are looking at. After the storm has passed, investors will see that the Philippines has the tools to serve them and they (investors) will come here,’ he said.