Japanese firm Yokowo recently decided to choose the Philippines as the site of a new subsidiary for automotive wiring harness and components manufacturing and assembly operations.
Cumulative investments recorded by the Board of Investments (BOI) reached P84.1 billion in the first four months of 2020, reflecting a 71-percent slowdown from last year’s P286.7 billion in the same period.
The October approvals were led by Dito Telecommunity Corporation’s P210-billion project as the third major telecom player with its base in Clark Freeport Zone.
Among the notable projects given the green light in August were the infrastructure project of ISOC Asia Telecom Towers that would build 25,000 cellular towers totaling P141.1 billion and the three-phase project of Philippines Fiber Optic Cable Network covering around 60,000 kilometers for an aggregate cost of P134.5 billion.
The parties also agreed to establish channels of communication to facilitate technical consultations on matters related to innovation, including on new and emerging technologies that are registrable with the BOI.
DTI secretary Ramon Lopez cited the tariff modification of EV products under the Asean Free Trade Agreement, as well as the target date for the full EV utilization and registration in the Philippines.