During his visit to Japan, President Ferdinand Marcos Jr. successfully secured nine investment pledges amounting to P14 billion. These agreements were signed as part of a business event organized by the Department of Trade and Industry (DTI) during the Association of Southeast Asian Nations (ASEAN)-Japan Commemorative Summit in Tokyo. The investments have the potential to benefit over 200,000 Filipinos.
In an interview with Filipino journalists, President Marcos Jr. expressed his satisfaction with the outcome, stating, “I think the number that was given to us for today just for those pledges… it was nine companies but to the value of P14 billion. But some of these are extensions of the already existing contracts; they’re expanding their operations. But the more important part is the 200,000 plus new jobs.”
The President highlighted that the investments cover various sectors, including semiconductors, healthcare, infrastructure, and agriculture. He also emphasized that many of these projects are not solely focused on the Philippine market but also target foreign markets, which will contribute to improving the country’s external balance and payments.
President Marcos Jr. expressed his delight at the significant amount of investment pledges from Japanese investors, stating, “I am delighted to know that the letters of intent signed last February 2023 and those signed today now aggregate P771.6 billion or about $14 billion in pledges from Japanese investors.”
Aside from the investment pledges, nine memorandums of understanding were also signed, according to Presidential Adviser on Investment and Economic Affairs Frederick Go. Additionally, more than 20 companies provided updates to the President regarding their pledges from his previous trip in February.
Several notable companies are involved in these investments. The Bases Conversion and Development Authority (BCDA) and Japan Overseas Infrastructure Investment Corp. for Transport and Urban Development will collaborate on studies related to the development of New Clark City. Furthermore, the BCDA will partner with the Manila Japanese School to renew its lease on a 4-hectare site at the Bonifacio Global City for another 25 years.
Other investors include Ibiden Co. Ltd and Japan Aviation Electronics Industry Ltd., which plan to infuse foreign direct investments (FDIs) into electronics manufacturing to enhance efficiency and increase production by modernizing their Philippine facilities.
Moreover, Medley Inc., Minebea Mitsumi Inc., Nitori Holdings Co. Ltd., Tsuneishi Shipbuilding Co. Ltd., and DMCI Project Developers Inc. are among the companies committing to FDIs. Additionally, DMCI Project Developers Inc. is forming a joint venture with Japan’s Marubeni Corp. for property development projects.
The successful outcome of President Marcos Jr.’s visit to Japan demonstrates the strong economic ties between the Philippines and Japan. These investment pledges not only contribute to the growth of the Philippine economy but also create job opportunities for thousands of Filipinos. The collaborations and partnerships between Japanese and Philippine companies across various sectors will undoubtedly have a positive impact on both countries.
As the Philippines continues to attract foreign investments, it is crucial to foster an environment that encourages further economic cooperation and ensures the sustainable development of the country.
Source: The Manila Times