Trade Secretary Alfredo Pascual (file photo) MANILA - Department of Trade and Industry (DTI) Secretary Alfredo Pascual has encouraged Japanese companies to further invest and expand their operations in the Philippines. This, as Pascual accompanied President Ferdinand R. Marcos Jr. in his official working visit to Japan, where they met 11 Japanese firms involved in manufacturing of semiconductors, electronics and wiring harness. In a statement, the DTI said these firms include Brother Industries, Ltd., IBIDEN Co., Ltd., Murata Manufacturing Co., Ltd., Seiko Epson Corporation, Nidec-Shimpo Corporation, Japan Aviation Electronics Industry, TDK Corporation, Sumimoto Wiring Systems Ltd., Yazaki Corporation, Yokowo Co., Ltd., and Panasonic Corporation. Pascual said these companies presented to the Marcos their current operations in the country as well as their future investment plans. "With the demand expected to grow in the global market, we would like to explore how we can encourage you to expand and upgrade your operations in the Philippines," Pascual told the Japanese firms in a roundtable meeting in Tokyo on Thursday. He said the dialogue has allowed Japanese companies to express their concerns about the business environment in the Philippines, while it also became a platform for Marcos' cabinet members to present the government's initiatives and reforms to improve the investment climate. Pascual said Japanese companies cited the renewal of the United States Generalized System of Preference (GSP) is important for their investment decisions in the country, as the trade preference program allows duty-free entry of export goods from the Philippines to the US. The country's inclusion in the US GSP expired in December 2020, but Pascual said the Philippine government is lobbying with the US government for the GSP reauthorization. He added the Philippines remains an investment hub for the manufacturing of electronics and semiconductors, as this sector continues to be the country's top exporter sharing more than 50 percent of the total merchandise export revenues. Likewise, the Philippines is the fourth largest exporter of wiring harness in the world next to Mexico, China and Romania. Annual sales of the sector stood at USD2.3 billion, or sharing 7 percent of the total wiring harness being shipped across the globe. (PNA) }