114 SOCIAL SCIENTIST it presents factual information, hitherto unpublished, on Japanese investments which it is hoped will be more fruitful 1 y analysed by researchers in the field to give us a better understanding of the nature of emergent Japanese imperialism. Since the enactment of the Republic Act 5186 in 1967 by the Philippine Government, foreign capital has been "welcomed" and "encouraged" to <(.. .establish pioneer enterprises that are capital-intensive and would utilize a substantial amount of domestic raw materials in joint venture with substantial Filipino capital whenever available" (p 1). There has been a steady increase ever since in the inflow of foreign capital into the Philippines. The two major sources of foreign capital have been the American and Japanese multinationals with Japanese investment rising over the years to its present share of 30 percent of the total foreign investment in the Philippines. In the second chapter Tsuda presents a 'Profile of Japanese Filipino Joint Ventures/ His main conclusion is that Japanese investments have, over the first half of the seventies, become increasingly significant both in terms of their share of total foreign investments in the country and in terms of the nature of the firms in which Japanese capital is now operating, the latter being mainly manufacturing firms in basic metals, textiles, transport equipment and mining. In most industries a few joint ventures account for more than 90 percent of the total Japanese investments while a big number of joint ventures account only for a relatively small amount of investment. Moreover, most of the Japanese and Filipino partners belong to the ^Big Business elite5 of their respective countries. In Chapter III the author presents information about the role of the Japanese business conglomerates —the Kigyo-Shudan—in the Philippines. A very useful description of the structure of tlie Japanese business pyramid, namely, the modern ^aibatsu, the So go Shosha (General Trading Firms), the Kigyo-Shudan and the relatively new or young Kigyo-Shudan termed the Kon^ern is given. Tsuda shows that the great bulk, that is 88.3 percent, of Japanese investments in the Philippines were made by 65 leading Japanese Corporations, all of which arc members of 13 business and industrial conglomerates of Japan. Tsuda then turns his attention to the Filipino partners in the joint ventures. Even here there is a concentration of investments within 25 of the 46 Filipino business families who have interests in 77 major joint ventures. These 25 partners account for investments in 69 of the major joint ventures, and their business interests