A number of Philippine and Japanese agribusiness companies have teamed up for a $500-million joint venture that aims to source agricultural products in the Philippines for export to Japan.

In a press briefing on Friday, Philippine Aquamarine Resources Inc. (PARI) Chairman and President Renato Diaz said 15 Japanese agribusiness firms have partnered with three Philippine companies to build and operate processing and storage facilities in Luzon and Mindanao for a total investment of $500 million.