Ikeda explained it would be feasible for WNB to bring investible funds in the Philippines because of the shorter flight distance between Manila and Tokyo compared to other countries in the region. In addition, he cited the Philippines’ huge natural gas deposits as the country’s main comparative advantage over the other countries they have visited, informed The Philippine Star.
A Japanese company that does not want to be identified yet will commit as much as $700 million for this venture, said WBT executive, and officials will visit the country before year-end to negotiate the terms of the project with concerned government agencies. The company will ask the government to grant the project a pioneering status with entitlement to applicable incentives.
“The proposed manufacturing plant will initially produce cars that run exclusively on compressed natural gas. Light vans, heavy vehicles and even shipping vessels will also be added to the production lines if market conditions will allow such an expansion,” added Rodrigo Cabrera, country manager of WBN.
