(File photo)

QUEZON CITY, (PIA) -- President Ferdinand R. Marcos Jr. was able to secure billions of pesos worth of promised investments from Japanese companies in the field of semi-conductor, electronics and wiring harness.

According to the President's economic team, about 10,000 jobs will be created when the investment pledges are carried out.

Pres. Marcos on Thursday, Feb. 9, led the roundtable meeting at the Okura Hotel in Tokyo, Japan, that was attended by semiconductor and electronics top business executives who expressed their intent to expand their businesses in the Philippines.

The total amount of the investment commitment is expected to be announced by the President later today, Feb. 10, when the letters of intent of the Japanese companies will be signed.

In his speech, Pres. Marcos announced the desire to make the Philippines "hubs of excellence" in sectors related to electronics.

"The hope is that our strength in these sectors will beget more strength in the entire Philippine industrial landscape to the benefit of the Philippines and also of our partners and our investors,” he said.

Those attending the meeting included top executives of Japan Aviation Electronics Industry, Ltd.; Yazaki Corporation; Yokowo Manufacturing of the Philippines; Sumitomo Electric Industries, Ltd.; Brother Industries, Ltd.; Ibiden Co., Ltd.; Seiko Epson Corporation; Nidec-Shimpo Corporation; and TDK Corporation.

It can be recalled that in 2021, the Philippines was the fourth largest exporter of wiring harness in the world after Mexico, China, and Romania.

The Philippines is also one of the lowest cost wiring harness manufacturers in the world, based on its exported value and volume. (PIA-NCR)