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Tag: Japan

  • Japanese automakers consider leaving Vietnam due to weak supporting industries

    Japanese automakers consider leaving Vietnam due to weak supporting industries

    The companies are looking for bigger profits in nearby countries such as Thailand. Japanese automakers may be shifting their production away from Vietnam in the near future due to its poor supporting industries.

    Vietnam’s supporting industries have stood still for years and that might cause Japanese companies in the country to change their investment approach, said Takimoto Koji from the Japan External Trade Organization (JETRO), a Japanese government-related organization that works to promote trade and investment by Japanese businesses overseas.

    Several automakers intend to stop assembling cars in Vietnam and import whole cars from nearby countries like Indonesia, Malaysia and Thailand instead, Takimoto said.

    Car import tariffs between Southeast Asian neighbors are falling rapidly and the new approach will secure bigger profits, he said.

    Under a new free trade agreement among the 10 members of ASEAN, car import tariffs were cut from 50 percent to 40 percent last year and will go down to 30 percent next year before being scrapped in 2018.

    Japanese companies Toyota, Mazda, Honda and Suzuki are competing in Vietnam’s auto industry, which produces around 250,000 cars a year, a modest number compared to those in nearby countries such as Thailand’s two million cars.

    According to experts, an automobile production line only becomes profitable when it delivers more than 200,000 cars a year.

    Japan registered $2.58 billion in investments in Vietnam last year, accounting for more than 10 percent of the total FDI pledges made in the country and making it the second biggest foreign investor after South Korea, according to figures from the Ministry of Planning and Investment.

    Vietnam’s FDI inflow hit a record high of $15.8 billion in 2016.

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  • Rakuten expands in-store payment system

    Rakuten expands in-store payment system

    Japanese e-commerce giant Rakuten is expanding its Rakuten Pay in-store payment system to support 14 major digital money brands and Android Pay.

    Rakuten Pay provides affiliated stores with a single payments service that supports a variety of payment methods, including credit cards, electronic money, and a smartphone app.

    It now accepts payments made through Rakuten Edy, the digital payment service provided by Rakuten Group, nine electronic money brands affiliated to transport organizations, including Suica, PASMO, and nanaco which can be used at Seven & i Holdings retailers across Japan; WAON,  the electronic money brand provided by the AEON Group (planned service launch in 2018), as well as QUICPay+TM  and iD*1.

    As the system supports Rakuten Edy, it is also compatible with Android Pay.

    In the future, Rakuten said it plans to make the service compatible with NFV payment services, such as Visa payWave, Mastercard Contactless, and J/Speedy, making it possible for affiliated stores to process payments made by foreign tourists visiting Japan as well.

    Moreover, the Rakuten Card & NFC Reader Elan will become available for purchase from March 6, 2017. This device is equipped with functions that enable payment through both credit cards and electronic money.

    For participating stores that already carry the older device and stores that wish to accept only major electronic money brands, the Rakuten NFC Reader Piu, an electronic money reader that is equipped with NFC functions, is scheduled to go on sale in the summer of 2017.

    Rakuten launched the Rakuten Pay in-store payment system, originally a settlement service for credit cards, in December 2012 to the Rakuten Ecosystem to brick-and-mortar stores. In October 2016, Rakuten began providing a smartphone app service through Rakuten Pay which utilizes the Rakuten Member ID.

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  • Krungsri gears up for return of investors from Japan

    Krungsri gears up for return of investors from Japan

    Bank of Ayudhya, commonly known as Krungsri, is reinforcing its commercial banking after seeing a return by Japanese companies considering investment in the Kingdom in light of the government’s “Thailand 4.0” industrial goals.

    Pornsanong Tuchinda, head of commercial banking, said yesterday that healthcare and wellness and real estate were currently the priority focus of Japanese businesses looking to invest in Thailand again since the government announced the Thailand 4.0 industrial-development policy.

    The actual level of new Japanese investment will be seen when these companies have a clear picture of development plans under the policy, he added.

    Japanese companies invested in Thailand have been a crucial part of the customer base for Krungsri’s commercial-banking operations since 2015, reflecting the successful integration between the Thai bank and BTMU (Bank of Tokyo-Mitsubishi UFJ) Bangkok Branch, which is part of Japan’s MUFG (Mitsubishi UFJ Financial Group), he said.

    Pornsanong said Japanese investors were currently eyeing healthcare and wellness business in Thailand because of this country’s increasingly “greying” population.

    Japan has expertise in healthcare and wellness in light of its own ageing population, while real estate is another business that investors are keen on because of its being tourism-related.

    The bank will offer investors total financial solutions, catering to corporate customers that may not only require financing but also financial advice and business-matching services, he said, adding that Krungsri would therefore focus more on how to deliver a package of solutions to such clients.

    A number of medium-sized Thai hospitals also are interested in expanding their healthcare and wellness business, presenting a further opportunity for the bank’s commercial-banking arm, he said.

    Last year, the unit enjoyed loan growth of 11 per cent, with outstanding lending rising to Bt642 billion thanks to the financing of major deals involving Siam City Cement, which acquired a cement business in Sri Lanka; Central Group, which purchased a retail business in Vietnam; and Thai Union Group, which acquired a business in the European Union, Pornsanong said.

    Excluding those large deals, loan growth was 7-8 per cent.

    This year, while the bank’s commercial-banking arm targets 5-per-cent growth due to fewer big deals on the horizon, it should still outpace its peers thanks to the recovering Thai economy and Thailand 4.0-related business activity, he predicted.

    Moreover, with the unit’s customer base sufficiently large for the provision of improved total solutions, it wants to give more importance to the quality of customers and offer value-added solutions to its current clients, he explained.

    Commercial banking at Krungsri covers corporate customers with annual sales revenue of more than Bt1 billion, and small and medium-sized enterprises with annual revenue below that level.

    Based on the loan-growth target of 5 per cent, most lending this year will be contributed by medium-sized enterprises, a segment in which the bank has witnessed lending demand, he said.

    “These firms [mid-sized enterprises] are more confident in the Thai economy, and many of them are in retail, where there is purchasing power but consumer sentiment |has not yet returned. If sentiment improves, purchasing power will be released and SMEs will benefit.

    “On the other hand, most corporate customers are not requiring new lending at present, as they first want to see how the global trade situation settles,” the commercial-banking head said.

  • Mobile growth marketer expands to Japan

    Mobile growth marketer expands to Japan

    Growth marketer platform YouAppi is expanding into the Japanese market.

    With the official opening of YouAppi Japan, the company will be able to help Japan-based CMOs and those targeting the country to acquire users over online channels and identify fraud better.

    The company, founded in 2012, uses its OneRun platform for a variety of marketing functions for its clients, from discovery to user acquisition on video, social and other channels through app re-engagement.

    The platform features advanced anti-fraud functionality to help CMOs reduce their risks, and offers a single point for streamlining mobile media buying and combining machine learning with the company’s proprietary predictive algorithms that reportedly analyze over 250 terabytes of data every day.

    With Yoshie Nakabayashi at the helm as the country manager of YouAppi Japan, the company aims to help leading brands, agencies and publishers in Japan to improve their mobile experience.

    “A year after closing our B Funding Round which was earmarked for Asia, I’m excited that we delivered nearly 600% growth in the region in 2016, and are now opening a strategically important office in Tokyo,” YouAppi CEO and co-founder Moshe Vaknin said.

    According to the company, it ran 15,000 campaigns for 450 leading advertisers with 100 billion monthly impressions served around the world over the last four years.

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  • Hermes sales rise 7 per cent in Asia

    Hermes sales rise 7 per cent in Asia

    Hermes sales rose 8 per cent last year for French high-fashion goods manufacturer Hermes International.

    In what it describes as a “difficult context”, the group’s consolidated revenue reached €5202 million (US$5.5 billion).

    Sales growth was sustained in the fourth quarter (up 8 per cent at current exchange rates, and 7 per cent at constant exchange rates), with all geographies progressing.

    Hermes continued to improve the quality of its distribution network, with four store openings and renovation and extension works.

    Japan (up 9 per cent) performed well thanks to its selective distribution network, despite the strengthening of the yen and a high comparison basis.

    Asia excluding Japan (up 7 per cent) pursued growth, particularly with extensions of the Liat Towers and Takashimaya stores in Singapore and store openings in Macau, at Hong Kong Airport and in Chongqing in China.

    In Mainland China, the group says it continued to develop even though the context remains challenging in Hong Kong and Macau.

    Growth over the year was driven by leather goods and saddlery products, which continue to be the mainstay of the group. Otherwise, sales benefitted from a positive momentum at year end in such sectors as silk and the ready-to-wear and accessories division.

    Growth “remarkable”

    Hermes says the 14 per cent growth in leather goods and saddlery was remarkable, thanks to the success of the collections and the diversity of models, particularly the Constance, Halzan and Lindy bags alongside the Birkin and Kelly.

    The ready-to-wear and accessories division was stable over the year, posting a 4 per cent increase in the fourth quarter driven by the latest women’s collections, particularly shoes.

    While sales eased 1 per cent for the silk and textiles business line in the fourth quarter, Hermes says it was a good result in the face of being penalised by events in Europe and slowing sales in Greater China during the first half of the year.

    A 9 per cent growth in sales of perfumes was driven by the success of Terre d’Hermes, the launch of Galop d’Hermes and the latest creations such as colognes Eau de Neroli Dore and Eau de Rhubarbe Ecarlate.

    Down 3 per cent, the watches division was penalised by a still challenging market and a high comparison basis at year end. Sales rose 2 per cent for other Hermes business lines, encompassing jewellery, Art of Living and Hermes Table Arts.

    Meanwhile, Hermes is pursuing its long-term development strategy based on creativity. This year it is celebrating the “Meaning of Objects”.

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  • Doutor Coffee arrives in Malaysia

    Doutor Coffee arrives in Malaysia

    Japan’s Doutor Coffee has opened three outlets in Malaysia – in Aeon Tebrau (Johor Baru), Sunway Velocity Mall in Kuala Lumpur and Aeon Bukit Tinggi.

    This follows other international expansion in Singapore, South Korea and Taiwan.

    Doutor Coffee was founded in 1980 by Toriba Hiromichi with a 9 sqm outlet in Tokyo’s Harajuku district. There are now more than 900 outlets in Japan.
    MD Yasuhiro Yamamoto says Doutor decided to open in Malaysia because it had found a good partner in the Texchem Group, which owns 106 Sushi King outlets in Malaysia. More outlets are being planned, with some to open next year.
    All will follow the Doutor Japan formula with a strong focus on coffee and freshly made food.

    “We have good-quality black coffee, espresso and cappuccino, and the food will be a Japanese fusion concept,” says Yamamoto.
    He says the secret to the brand’s success lies in the quality of its beans and the roasting.

    Doutor Coffee master roaster Masahiro Kanno says the beans are sourced from more than 10,000 plantations all over the world, including its own two plantations in Kona, Hawaii.
    Kanno personally goes to select the beans, sometimes buying in bulk and sometimes buying just a few, depending on whether they will be featured as single-origin roasts or blends. The beans are flame-roasted.

  • Japan Airlines to launch NYC-Tokyo Haneda flights

    Japan Airlines to launch NYC-Tokyo Haneda flights

    Japan Airlines will add nonstop service between New York JFK and Tokyo’s close-to-downtown Haneda Airport, the carrier announced Thursday.

    The new route – which will be in addition to JAL’s existing service between JFK and Tokyo’s more-distant Narita airport – will launch April 1. The airline will fly one daily round-trip flight on the route using Boeing 777-300ER aircraft.

    Narita is Tokyo’s primary international gateway while Haneda’s route map is more heavily tilted toward regional flights. For many travelers, Haneda is the preferred Tokyo airport because of its proximity to the city.

    Japan Airlines returns to Dallas/Fort Worth after 14-year absence. In announcing the Haneda-JFK route, JAL said the service “is being offered to enhance customer convenience and to provide greater access to and from Japan-domestic connecting flights at Haneda Airport.”

    JAL was able to add the route at slot-controlled Haneda airport by freeing up slots from another route. To make that happen, JAL’s Honolulu-Haneda route will be shifted to Narita, according to the airline.

    Meanwhile, JAL also said it would expand capacity on its existing flights between New York JFK and Tokyo Narita. The airline will do that by switching to 244-seat Boeing 777-300ER aircraft, providing an 83-seat boost from the 161-seat Boeing 787-8 “Dreamliner” the carrier currently flies on the route.

    The switch to the 777-300ER also will allow JAL to offer a first-class product between JFK and Narita. The airline’s 777-300ERs seat eight in first class, 49 in business class, 40 in premium economy and 147 in standard coach. JAL’s 787-8s are configured with 38 business class seats, but they do not have a first-class cabin. The 787-8s also seat 35 in premium economy and 88 in standard coach.

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  • CIR finds growth in Chinese travel to Japan and Thailand

    CIR finds growth in Chinese travel to Japan and Thailand

    Chinese outbound travel tilted in favour of destinations in Japan and Thailand in the 12 months to October 2016, according to CiR Business Lounge – creating more sales opportunities for duty-free and travel retailers in key airport locations in these markets.

    New research on the Chinese passenger by duty-free and travel-retail analyst and researcher, Counter Intelligence Retail, pointed to booming growth at Tokyo Haneda airport (HND) of +140% and +96% at Bangkok’s Don Mueang airport (DMK)) – both secondary airports to the two capital cities’ main hubs.

    Haneda’s triple-digit growth enabled the airport to break the one million barrier for international Chinese arrivals, while Don Mueang reached 1.18 million.

    The main hubs of Tokyo Narita (NRT) and Bangkok Suvarnabhumi (BKK) saw respective growth of +1.6% and +17.9%. While their growth was of a lesser scale, these bigger airports handled more absolute numbers of Chinese passengers than their smaller counterparts.

    Other strong airports for Chinese travel among the top 10 destinations were Japan’s Osaka (KIX) at +18.7%, while traffic to Singapore Changi (+17%) and Seoul Incheon in South Korea at (+16.2%) saw a return to growth. South Korea, traditionally strong market for Chinese visitors, suffered dramatically after the MERS virus outbreak in May 2015 but traffic to Incheon has recovered.

    There was less favourable news for duty-free and travel retailers in Taiwan and Hong Kong. Taipei’s Taoyuan International airport saw its Chinese traffic decline by -0.8% to 2.7 million international passengers in the 12 months to October 2016, while Hong Kong – the biggest hub for Chinese travel – was sluggish at +2.3% to 4.5 million.

    CIR president Garry Stasiulevicuis said: “From our CIR Business Lounge data it is clear that Japan and Thailand are the clear winners in the drive for Chinese passengers. The more settled political situation in Thailand has seen Chinese passengers return to the country in droves while Japan’s relaxation of visa regulations (in January 2015) has benefited Chinese travel to Japan.”

    Tokyo Haneda’s astonishing growth can be specifically attributed to the commencement of flights from three new routes out of China, coupled with huge uplifts in seat capacities by airlines already operating flights on this route.

    “It is worth noting that HND’s Chinese traffic boom has come despite the Japanese yen’s strong gains against the Chinese yuan from August 2015 to October 2016,” adds Stasiulevicuis. “Since November, however, the yen has fallen back somewhat which may open the door to even more Chinese travel to Japan.”

    The report is part of a new series from CiR on Chinese passenger shopper behaviours and traffic trends, including forecasts, which complements the newly available Chinese Shopper Tracker.

  • AirAsia X offers Honolulu-Osaka introductory one-way fare of $99

    AirAsia X offers Honolulu-Osaka introductory one-way fare of $99

    Low-cost, long-haul Malaysian carrier AirAsia X is beginning its maiden U.S. service with introductory one-way fares starting at $99 from Honolulu to Osaka and $149 for continuing service to Kuala Lumpur.

    The return leg from Osaka to Honolulu is an introductory $162.36 while flying from Kuala Lumper to Honolulu, with a layover in Osaka, is $198.02 one way.

    Round trips would be as low as $261.36 and $347.02, respectively.

    The airline will operate its Kuala Lumpur-Osaka-Honolulu route four times a week beginning June 28.

    Hawaiian, Japan and Delta airlines also fly between Honolulu and Osaka. During the late June time period, their round-trip prices start in the low $600s to the mid-$800s. Prices are more expensive if booked one way.

    “This is the game-changing route we have all been waiting for,” Datuk Kamarudin Meranun, AirAsia X Group CEO, said today in a statement. “By connecting the U.S to North Asia and Asean with our world-class low fares offering, we will make it possible for those in the Pacific to explore Asia through our wide network.”

    This will be the first route linking Honolulu with Malaysia. Guests transiting in Osaka do not require a Japanese visa during the two-hour stopover, and can return to their seats on the flight after clearing security with any carry-on luggage or belongings.

    The introductory fares are available for travel from June 28 to Feb. 6. Flights depart Mondays, Wednesdays, Fridays and Saturdays.

    The Malaysian carrier, which has been operating since 2007, will use 377-seat Airbus A330-300 aircraft on the Malaysia-Osaka-Honolulu route.

    AirAsia X serves 22 cities in Asia, Australia, New Zealand, Africa and the Middle East with a fleet of 30 A330s.

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  • Energia Communications to deploy G.fast nationwide

    Energia Communications to deploy G.fast nationwide

    Japan’s Energia Communications has signed a partnership and reseller agreement covering Nokia’s G.fast technology.

    Energia Communications plans to offer G.fast nationwide across Japan as part of an initiative to expand its utility service provider operations.

    G.fast is designed to squeeze fiber-like speeds from copper cable over last-mile connections such as apartment buildings with no fiber wiring. Energia Communications will use G.fast to replace the use of traditional VDSL2 technology.

    Energia Communications last year became Nokia’s first G.fast customer in Japan and one of its first customers for the technology worldwide, according to Energia Communications CEO Satoshi Kumagai.

    “We have been very happy with the service and have complete trust in Nokia’s capability and strengths of its fixed access business, which is why we decided to take the relationship forward as a successful business partnership/reseller model,” he said.

    Nokia’s Bell Labs holds the current world speed record for a single copper pair, having demonstrated speeds of 10Gbps using its XG-FAST technology in 2014.

    “This strategic partnership with EneCom will increase G.fast deployments in Japan, providing real benefits to subscribers who might otherwise be unable to enjoy ultra-broadband speeds. Japan is a very important market to us, and we look forward to a successful venture that will boost local economies,” Nokia Japan head Jae Won added.

  • Mikimoto Ginza set to reopen in June

    Mikimoto Ginza set to reopen in June

    The Mikimoto Ginza flagship store in Tokyo will reopen in June, the pearl retailer has confirmed.

    The store has taken more than two years to rebuild, fuelling expectation of a unique and outstanding design concept when the building is unveiled. The photo above shows the store before reconstruction commenced.

    Once complete, the shop will be located within a 56-metre-tall building encased in some 40,000 pieces of glass. The sales space will almost double to about 1400 sqm, spanning six floors.

    Construction began in January 2015.

    Mikimoto says the store will open on June 1 and the company hopes to attract more Japanese customers after the investment – as well as its traditional tourist base.

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  • New look for Pierre Herme Japan flagship

    New look for Pierre Herme Japan flagship

    A decade after opening, French chocolatier Pierre Herme Japan has renovated its flagship store at Aoyama in Tokyo.

    Behind the new look is interior designer Masamichi Katayama, whose Wonderwall firm has worked on projects in Australia, Europe, the US and other parts of Asia. The renewed space reflects on the notion that every day is a whole new day presenting an opportunity to discover new tastes, sensations and pleasures.

    pierre-herme-renovated-flagship-store-tokyo-4

    Right from the store’s entrance, visitors are presented with a spread of products, from macarons to viennoiseries.

    pierre-herme-renovated-flagship-store-tokyo-2

    By the staircase is a new area, the “Crossover”, where original items are displayed including more than 40 recipe books written by Pierre Herme.

    pierre-herme-renovated-flagship-store-tokyo-1

    Called “Heaven”, the upper level features an aerial kitchen where the chefs can be seen at work.
    Throughout, the store features eclectic art such as a neon sign created by artist Makiko Tanaka, as well as a service counter that seamlessly doubles as a DJ booth for private events.

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  • Growth for Coach China

    Growth for Coach China

    New York design house Coach reports “notable strength” in Mainland China while reporting its second-quarter results for the quarter ended December 31.

    Coach China sales were roughly even but increased 6 per cent on a constant currency basis when the impact of the strong US dollar was removed. In addition, there was a “significant” improvement in the quarter for Hong Kong and Macau.

    “We are both pleased and proud of our performance this holiday season, particularly in light of the challenging and volatile global retail environment,” says CEO Victor Luis, noting that China represents “significant opportunities” for its brands.

    “And, despite our deliberate pullback in the North America wholesale channel as well as currency headwinds, we delivered double-digit earnings growth in the quarter. ”

    Second-quarter net sales totalled $1.32 billion for the second fiscal quarter, an increase of 4 per cent over the same period the previous year, including a benefit of 40 basis points related to currency translation.

    Gross profit totalled $906 million, up 5 per cent. Gross margin for the quarter was 68.6 per cent compared to 67.4 per cent in the year-ago period, while net income for the quarter was $200 million.

    Net sales for the Coach brand totalled $1.20 billion for the quarter, an increase of about 2 per cent. This included international sales of $440 million, up 3 per cent.

    Continued strength

    This growth was driven in part by positive comparable-store sales overall with continued strength in Mainland China.

    In Japan, sales rose 9 per cent in dollar value, but eased 2 per cent in constant currency, impacted by a lower Chinese tourist spend.

    Sales eased for the group’s other directly-run businesses in Asia.

    Gross profit for the Coach brand rose 4 per cent to $830 million. Gross margin for the quarter was 69 per cent, including about 30 basis points of benefit from currency. This compared to 67.7 per cent for the quarter in the previous year.

    Net sales for the group’s Stuart Weitzman brand reached $118 million for the quarter compared to $94 million in the same period the previous year. This 26 per cent improvement was driven by strong growth in the brand’s direct channels, and was positively impacted by a wholesale shipment timing shift from the first quarter.

    Gross profit for Stuart Weitzman rose 26 per cent to $76 million, while gross margin was even at 64.3 per cent.

  • Hard Rock Japan plan

    Hard Rock Japan plan

    Hard Rock International has launched Hard Rock Japan with former Sands China senior executive Edward Tracy as its CEO.

    His appointment is “a strategic move designed to support the company’s growth plans in the region”, says the company.

    The new division follows Japan’s legislature approving the Integrated Resorts Promotion Bill, marking the first step toward legalising gaming in a market that investment bank CLSA gaming analysts estimate to be worth US$40 billion.

    With 30 years’ experience in the Japanese market, where it has six Hard Rock Cafe locations, the company plans to expand its portfolio by becoming a contender for Japanese resort licences.

    Tracy has held several positions within the gaming and hospitality industry. He joined Sands China, a subsidiary of Las Vegas Sands Corporation, in July 2010 as president and COO. He became its CEO one year later, responsible for the oversight of about 13,000 hotel rooms and 30,000 employees, reports the Macau Daily Times.

    Before Sands, Tracy was president and CEO of Capital Gaming, which runs regional casinos, and held similar positions at the Trump Organization, where he was responsible for managing 12,500 employees, 3000 hotel rooms and 240,000 sqft (22,296 sqm) of casino space.

    In 2014, Harvard Business Review named Tracy as one of the “Best-Performing CEOs in the World” in its annual top-100 ranking in 2014.

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  • Japan firms line up for Philippines business after Abe pitch

    Japan firms line up for Philippines business after Abe pitch

    Japanese firms, especially those in the infrastructure business, are scrambling for a slice of prospective new businesses arising from Japan Prime Minister Shinzo Abe’s 1-trillion-yen (P440-billion) financing and investment pledge to the Philippines.

    This was stated by Japanese banking giant Bank of Tokyo-Mitsubishi UFJ, a leading player in project financing globally, which has been matching Japanese firms with potential local partners in support of Mr. Abe’s commitment to the Philippines.

    The Japanese bank is also preparing to fund large-scale projects in the Philippines under the golden age of infrastructure envisioned by President Duterte.

    Takayoshi Futae, BTMU chief executive officer for Asia & Oceania, said in a recent briefing that BTMU and many Japanese firms were upbeat on the

    1-trillion-yen package pledged by Abe to promote economic and infrastructure development in the Philippines within the next five years.

    “This is one of Japan’s largest investment directed at a single country and we really want to be part of this project,” said the Singapore-based Futae, who was in town for a series of meetings with BTMU’s local partner, Security Bank.

    “MUFG (Mitsubishi UFJ Financial Group—of which BTMU is part of) is very committed to supporting Asia’s growth. We not only have the financial capability but also strong network and strategic relationships across the region,” he said.

    Futae is unfazed by China’s bid to do more business in the Philippines—given the recent rekindling of bilateral ties with China—adding that there was enough business in the region for both Japanese and Chinese firms.

    Tadahiro Miyamoto, general manager of BTMU Philippines, said representatives of many Japanese prefectures (local government units) had been visiting the Philippines “trying to find market for their products.”  With its 100-million consumer market, he said many Japanese firms were interested in doing business in the Philippines.

    Miyamoto said Japanese infrastructure-related companies and those targeting domestic markets like retailers were among those most interested in the Philippines. Those involved in the car industry are likewise interested because of the government’s “CARS” program, he said.

    The government’s Comprehensive Automotive Resurgence Strategy (CARS) program seeks to attract new investments, stimulate demand and effectively implement industry regulations that will revitalize the Philippine automotive industry, and develop the country as a regional automotive manufacturing hub.  The program covers not only car assemblers but also manufacturers of vehicle parts.

    Futae said the 6-7 percent growth rate of the country was “amazing” from the perspective of someone who hails from a slow-growing economy like Japan.

    “Philippines and Japan should work more together,” he said.

    To better understand the country and flesh out its commitment, Futae said BTMU was in need of a strong and reliable local partner—now the role of Security Bank. Since acquiring a 20-percent stake in Security Bank in April last year, he said BTMU had been able to expand into retail lending and financing to Philippine companies.

    During recent meetings, Futae said BTMU and Security Bank discussed “further collaboration” and everyone was “bullish on the success of the collaboration.”

    Asked whether BTMU was keen on raising its interest in the local bank, Futae said the group was comfortable with its 20-percent stake but added that if given the opportunity to increase its stake in Security Bank, this would be something that the group would “seriously” consider.

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