MANILA — The first Japanese mall to open in the Philippines since the relaxation of foreign investment rules will contribute to the country’s economic growth, an official of the company behind the venture said on Friday.

Officials of Federal Land Inc, Japan’s Isetan Mitsukoshi and Nomura Real Estate Development on Friday led the grand opening of the country’s first Mitsukoshi Mall in Bonifacio Global City.

Mitsukoshi is among the oldest mall chains in Japan. Federal Land partnered with Nomura Real Estate Development and Isetan Mitsukoshi Holdings Ltd for the venture as well as the mixed-use development Seasons Residences in BGC.

During the event, Federal Land Chairman Alfred Ty said, is the first foreign brand mall to open in the country since former President Rodrigo Duterte signed the amendments to the Retail Trade Liberalization Act.

Some of the shops and sections housed in Mitsukoshi Mall in BGC. Handout photo

Some of the shops and sections housed in Mitsukoshi Mall in BGC. Handout photo

Some of the shops and sections housed in Mitsukoshi Mall in BGC. Handout photo

Some of the shops and sections housed in Mitsukoshi Mall in BGC. Handout photo

Some of the shops and sections housed in Mitsukoshi Mall in BGC. Handout photo

Some of the shops and sections housed in Mitsukoshi Mall in BGC. Handout photo

Ty said the mall, along with their mixed-use development in the area, could greatly contribute to the country’s economy by stimulating consumption and generating jobs on top of bringing foreign investors here.

“As it turns out our common desire to bring the Philippines into the global arena - Nomura Real Estate's expertise in innovation and technology, Isetan Mitsukoshi's mastery in retail, Federal Land's knowledge of the local market - helped us introduce a new kind of mixed-use development, one that we can truly say is not only uniquely Japanese-Filipino in its design and innovation, but uniquely holistic in customer experience,” he added.

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Mitsukoshi offers a curated retail experience composed of well-known Japanese brands.

Consumers can find popular Japanese beauty products, clothing and accessories, authentic Japanese food and patisseries as well as Japanese books and manga collections from Kinokuniya Bookstore and Fully Booked, Ty said. Mitsukoshi also hosts other local and international brands.

Guest of honor Vice President Sara Duterte, meanwhile, highlighted Federal Land’s efforts to partner with global brands and their contribution to the economy. She also welcomed foreign investors to the country.

“For years, the Philippines and Japan have forged ties to promote economic development and cultural appreciation of our equally colorful heritage. We are grateful that foreign investors such as Japanese investors consider the Philippines a highly viable and important investment destination for business, expansion and diversification in Southeast Asia,” she added

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