TOKYO - Japanese cosmetics maker Shiseido Co. is making inroads into the potentially high-growth Philippine market in a joint venture with a Singapore firm. The company has agreed with Luxasia Partners Pte. Ltd., a regional cosmetics agent, to set up Shiseido Philippines Corp. in December, with Shiseido holding a majority stake, according to the Japanese firm.

The joint venture will begin operating in July next year after integrating the sales channels of two local agents.

Shiseido Asia Pacific Pte. Ltd., a wholly owned subsidiary in Singapore, will hold a stake in the joint venture, to be capitalized at 580 million pesos ($11 million).

The planned local unit will enhance the product lineup of its prime brands, including Shiseido, NARS and Laura Mercier, in the Philippines, Southeast Asia's third-largest cosmetics market with annual sales estimated at about $3 billion, the Japanese company said.

Shiseido expects the Philippines' prime cosmetics market to post a double-digit percentage increase annually by 2020.