Construction work is due to start in October and production expected to begin in June 2013.
The 2.3 billion yen (£18.5m) plant will be based in the Province of Laguna, south of the capital Manila.
Fuji explained that the Philippines has the necessary infrastructure and ‘is rich in young human resources’.
In a statement Fuji said: ‘The demand for lenses with excellent optical performance is currently growing and is expected to keep up this trend, due to the development of digital cameras, surveillance cameras and projectors with higher performance…’
Significant economic growth in emerging countries has boosted demand for lenses, added the company.