As different forms of economic uncertainty and controversies regarding flood control projects continue to dominate the news, the Philippines got a much-needed economic boost as Japanese firm Nambu Co. Ltd. confirmed it will be investing P4 billion to build several retirement facilities in different parts of the country, according to a news article by the Philippine News Agency (PNA).
To put things in perspective, posted below is an excerpt from the PNA news article. Some parts in boldface…
A Japanese wellness company will invest PHP4-billion to build 10 retirement facilities in various parts of the Philippines.
The initial facility to be established by Nambu Co. Ltd will be in Lapu-Lapu City in Cebu province, according to the Department of Trade and Industry (DTI) on Friday.
The investment is supported by the CREATE MORE (Corporate Recovery and Tax Incentives for Enterprises – Maximize Opportunities for Reinvigorating the Economy) Act and involves training Filipino caregivers to meet Japanese standards.
CREATE MORE broadens incentives to help boost economic recovery, support enterprises and attract foreign investment.
Details of the investment plan were discussed during a meeting between Philippine officials and members of the wellness company in Osaka, Japan on Thursday, the DTI said in a press release on Friday.
“This initiative aims to leverage the country’s skilled workforce to meet Japan’s labor needs while simultaneously boosting local employment,” it said.
Trade Secretary Cristina Roque said the investment supports the government’s bid to increase high-value industries, drive job creation, and strengthen the country’s position as a premier retirement and wellness destination in the region.
Let me end this post by asking you readers: What is your reaction to the recent developments? Do you think Nambu’s multi-billion Peso investment will make a long-lasting positive impact in the Philippines?
You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.
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