THE Board of Investments (BoI) said it is inviting Japanese companies invest in medical device manufacturing in the Philippines.
BoI-Manufacturing Industries Service Director Evariste M. Cagatan said Philippine companies are currently producing and exporting syringes, ventilators, infrared thermometers, and personal protective equipment.
“With a world-class electronics industry, abundance in intellectual talent, ready access to key markets, and ultra-cost efficiencies, the Philippines is where design, development, and manufacture of medical devices go hand-in-hand with profitability serving international and rapidly growing markets,” Ms. Cagatan said in a statement Monday.
“Several of the world-class medical devices companies in the country are Japanese such as Arkray, Terumo, JMS Healthcare, Atomed, Yokoisada, and Tokai Medical Products,” she added.
According to Philippine Commercial Counselor to Osaka Emmanuel Nino W. Ang, Japan is the third largest market in the world in terms of medical expenditure.
Mr. Ang said Japan’s ranking is complemented by the Kansai Region’s strong presence in medical device manufacturing and life sciences.
“The region accounts for around 30% of Japan’s total non-pharmaceutical medical products manufacturing, and hosts a large cluster of biomedical-related university and industry research institutions for medical devices as well as 16% of all the Japanese companies engaged in medical-related manufacturing,” Mr. Ang said.
BoI Governor Angelica P. Mapua-Cayas said Japanese companies may find investing attractive because of the new structure put in place by Republic Act No. 11534 or the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act.
“It is a major game-changer for investors in the Philippines since it rationalizes, modernizes, and offers more incentives. As the Philippine economic situation continues to improve, we hope that you will look at our country more closely as a valuable contributor to your global business’ growth,” Ms. Mapua-Cayas said. — Revin Mikhael D. Ochave