Aquino back from Japan with ‘overflowing good news’

MANILA, Philippines—President Aquino returned home Sunday, bringing with him what he called “overflowing good news” of investment pledges, aid and loans from Japan.

The President was particularly upbeat over one Japanese company that indicated it would infuse up to $300 million in fresh investments to “expand its existing operation in the Philippines.”

“The meetings that we attended were really worth it. They were overflowing with good news,” Aquino said in Filipino in his arrival speech after spending three days in Tokyo for the Asean-Japan Commemorative Summit.

The President declined to name the companies, but said the amount of investments they planned to put into the country was “no joke.” He cited one firm that was set to build a manufacturing plant and a research and development facility.

“I won’t reveal all the details now because they might be forestalled (baka tayo mausog),” he said. “Let’s just wait for my participation in their groundbreaking ceremonies so we would know these companies.”

Among the companies Aquino visited in Tokyo were Sumitomo Metal Mining Co., Mitsubishi, Sumitomo Mitsui Banking Corp. and Nidec Sankyo Corp. He also sat down with officials of Nippon Keidanren, the biggest association of companies in Japan.

The President thanked the latter group for sending help to victims of Supertyphoon “Yolanda.” He said the organization gave one million yen on top of individual donations from its member-companies.

The President also brought home an additional “grant in aid worth 6.6 billion yen on top of the $53.1 million” provided earlier by the Japanese government, said Communications Secretary Herminio Coloma, who was part of Aquino’s delegation.

Also offered up was a “post-disaster standby loan of up to $500 million,” Coloma added.

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TAGS: Benigno Aquino III, business, Investments, Japan, Philippines, pledges, Yolanda Aid