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Japan firms pledge $1.78B in investments
Wednesday, 28 September 2011 21:48 Recto Mercene / Reporter
PRESIDENT Aquino declared his four-day official visit to Japan a “resounding success” after he was promised some $1.78 billion in investments in energy, manufacturing and the service sectors.
Another power plant in $1B expansion
BY JOHN LOURENZE POQUIZ
AES Corp. is just awaiting completion of its environmental compliance certificate before proceeding with the construction of a third generating unit at its 600-megawatt power plant.
Andrew Horrocks, AES country chairman, said once the certificate is completed by November, construction will start by next year.
"We have had no problems to date," Horrocks said.
Business Insight | Business
Marubeni allots $700 million for Phl expansion
MANILA, Philippines - Marubeni, one of the biggest trading companies in Japan, is investing more than $700 million to expand its exposure in the Philippine power industry, Energy Secretary Jose Rene Almendras said.
He said Marubeni would be pouring in more capital for the expansion of the capacities of its Pagbilao and Sual coal-fired power facilities.
“They are looking at expanding the capacities of Pagbilao and Sual. Talks are ongoing because they are also discussing the possibility of increasing the expansion. They are thinking, if they would expand further the 400-megawatt Pagbilao capacity to 600 MW,” he said.
FMIC, Japan’s Mitsui sign agreement to expand Toyota dealership
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Published : Friday, September 30, 2011 00:00 Written by : Krista Angela M. Montealegre
FIRST Metro Investment Corp. (FMIC) has signed a deal with Mitsui & Co. Ltd. of Japan to expand the Philippine dealership of Toyota Motors.
In a disclosure to the Philippine Stock Exchange, the investment banking arm of the Metrobank group
said it signed a memorandum of agreement with the Japanese firm for the latter’s entry into the marketing and distribution of Toyota vehicles.
“Through the strategic partnership, it is envisioned that the Metrobank group and Mitsui will enhance the nationwide dealership business of Toyota,” said FMIC.
FMIC shares were unchanged at P62.30 each on Thursday.
Gov leads groundbreaking for CamSur coco water plant
(The Philippine Star) Updated October 01, 2011 12:00 AM Comments (1)
PILI, Camarines Sur, Philippines – The efforts of Camarines Sur Gov. Luis Raymund Villafuerte to develop a food terminal complex that would not only service the province’s agro-industrial sector but also bring in investors received a major boost with the groundbreaking for a coconut water packing plant by an international food conglomerate.
The first facility to rise in the food terminal complex that is currently being developed is the coconut water packing plant to be operated by Vita Coco, in partnership with local firm AgriNurture Inc. (ANI).
Yokohama allots $650 million for Clark plant expansion
By Ma. Elisa P. Osorio (The Philippine Star) Updated October 06, 2011 12:00 AM
MANILA, Philippines – Yokohama Tire Philippines Inc. (YTPI) is investing an additional $650 million to expand its facility in Clark.
Clark Development Corp. (CDC) said the expansion will make Yokohama the largest tire manufacturer in the world.
CDC Vice President for Business Development Ernesto S. Gorospe said top officials of Yokohama Rubber Co. Ltd. have discussed expansion plans with President Aquino and CDC president Felipe Antonio Remollo during the President’s state visit to Japan last month.
President Aquino witnessed the MOU signing between Remollo and Yokohama Tire Philippines Inc. President and CEO Tetsuya Kuze and Yokohama Rubber Co. Ltd. Representative Director and President of Tire Group Hikomitsu Noji.
Under the plan, Yokohama is committing to invest $650 million in order to complete its expansion by year 2017, establishing in Clark the biggest tire plant in the world.
The expansion plan that will also generate 5,000 more jobs will increase the capacity of Yokohama from 22,000 to 40,000 tires per day, Remollo said.
This is part of the P27-billion investment of Yokohama announced last May. Upon completion, the extension of YTPI’s manufacturing plant will result in a significant increase in production capacity. By 2017, tires manufactured by YTPI will amount to approximately 17 million tires a year (50,000 tires/day) compared to the current production of seven million tires a year (21,000 tires/day).
The expansion also lead to an addition of job opportunities in the community, making the total working population projected to five thousand employees by 2017.
A portion of the first plant expansion will be first operated in 2013. The expanded area will be fully utilized by 2014.
With YRC’s approval of YTPI’s plant expansion, an area of 28.2 hectares will be added to the original 16.5 hectare-worth of YTPI perimeters. The total location area will add up to 44.7 hectares. YRC has already allocated an investment of 50 billion yen or P27 billion pesos for the plant expansion.
Established in April 30, 1996, YTPI is the first international company established in CFZ. Tires manufacture in the company are mostly exported to Europe, North America and other ASEAN countries.
Aside from Yokohama’s expansion plan, Remollo said he also discussed with the President the Clark Star project of the CDC.
Remollo said the Clark Star Center, otherwise known as the Clark Sports Training Amusement and Recreation Center, was presented to Japanese investor during the President’s state visit in Japan on Sept. 26.
During the state visit, Remollo had asked Japanese traders to fund the Clark Star Center, which will be established in a 200-hectare area at the Northeastern portion of the Freeport.