Department of Trade and Industry (DTI) Secretary Fred Pascual and other Cabinet secretaries with Taiheiyo Cement Corporation executives

Tokyo, Japan—Department of Trade and Industry (DTI) Secretary Fred Pascual met with senior executives of Taiheiyo Cement Corporation as part of his official visit to Japan from June 19 to 21, 2024.

“Japan has always been a vital economic partner for the Philippines. In 2023, Japan was our second-largest trading partner and third-largest source of approved investments,” said Secretary Pascual.

“We are committed to fostering a conducive business environment for foreign investments, and our ongoing dialogue with Taiheiyo Cement is a testament to this commitment,” added the DTI chief, welcoming the potential for enhanced collaboration and investment between Taiheiyo Cement and the Philippines

Secretary Pascual, alongside other key members of the Philippine delegation, engaged in a comprehensive discussion with Mr. Shinji Fukami, Senior Executive Officer and Senior General Manager of the International Business Division of Taiheiyo Cement Corporation, and his team.

Department of Trade and Industry (DTI) Secretary Fred Pascual with Taiheiyo Cement Corporation executives

The dialogue centered on Taiheiyo Cement’s current and future investment plans in the Philippines, particularly the expansion of their operations and the introduction of advanced technologies—aligned with the Marcos administration’s ongoing efforts to bolster Japanese investments in the country.

The Philippines grew by an impressive 5.6% in 2023, outpacing major economies in Asia through recent policy reforms, such as the amendments to the Retail Trade Liberalization Act and the Foreign Investments Act, which opened up key sectors to foreign investments. Additionally, the establishment of green lanes for strategic investments streamlines processes and business operations.

Meanwhile, Taiheiyo Cement expressed confidence in the Philippines’ construction industry with plans to enhance its operations and contribute to the country’s infrastructure and environmental goals. The company aims to boost its production capabilities, which will generate employment and support sustainable development.

Taiheiyo Cement Philippines Inc., a subsidiary of Taiheiyo Cement Corporation, has a long-standing presence in the Philippines, with a cement plant in San Fernando, Cebu. The company is actively involved in supporting the Philippines’ infrastructure development through high-quality cement production.

Taiheiyo Cement Philippines Inc.’s planned expansion includes constructing a new cement distribution terminal in Calaca, Batangas, and upgrading its San Fernando plant to increase production capacity and reduce carbon dioxide (CO2) emissions.

This new project will ensure a stable supply of high-quality cement to Luzon and Visayas, and introduce a state-of-the-art production technology that will facilitate waste recycling, consistent with the Department’s advocacy of fostering sustainable and inclusive development through clean technology and innovation.

Commercial Counselor Dita Angara-Mathay, who leads DTI’s field office in Japan, reported that Taiheiyo Cement signed a letter of intent in February 2023. This outlines the company’s total investments of JPY 54 billion which is set to generate 2,000 new jobs.

In July 2024, Secretary Pascual was invited to attend the Taiheiyo Cement’s inauguration ceremonies in Cebu where he expressed his delight at the near-perfect fulfillment of Japanese investor pledges secured by the DTI during President Ferdinand R. Marcos Jr.’s two official visits. ♦

Date of release: 22 June 2024