President Ferdinand Marcos Jr. and members of the Philippine delegation meet with Japan’s tourism stakeholders in Tokyo, Japan, on Thursday, February 9, 2023. Presidential Communications Office
TOKYO, Japan — Officials from the Philippines and Japan have signed seven key agreements on different fields including infrastructure and agriculture cooperation, which is seen to boost the country’s economic standing.
Philippine Finance Secretary Benjamin Diokno and Foreign Affairs Secretary Enrique Manalo led the Philippine delegation during the meeting here on Thursday, where agreements on mutual cooperation like humanitarian assistance, disaster relief, and digital cooperation were signed.
The agreements were detailed in the following:
- Exchange of Notes on Japanese Official Development Project: North-South Commuter Railway Extension (NSCR) Project (II)
- Exchange of Notes on Japanese Official Development Project: NSCR – Malolos to Tutuban Project (II)
- Loan Agreement for the NSCR Extension Project (II)
- Loan Agreement for the NSCR- Malolos to Tutuban Project (II)
- Umbrella Term of Reference (TOR) on Humanitarian Assistance and Disaster Relief (HADR) Cooperation
- Memorandum of Cooperation (MOC) between the Department of Agriculture (DA) and Ministry of Agriculture, Forestry and
- Fisheries on Agriculture Cooperation
MOC in the Field of Information and Communications Technology.
Diokno said these agreements would help areas involved especially since the country has not focused on infrastructure development until recently.
“It will increase the economic activity in those three regions and it will of course attract more foreign investors. Kasi (Because) in the past we have underinvested in infrastructure,” he said.
“I remember during the last 50 years parang two percent lang ng GDP ang dinevote natin sa ekonomiya [I think we only devoted two percent of the gross domestic product was devoted to the economy] and as a result, we suffer in comparison with our ASEAN neighbors,” he added.
According to the Department of Finance (DOF) chief, President Ferdinand Marcos Jr.’s administration would continue the flagship infrastructure project of his predecessor, former president Rodrigo Duterte’s Build, Build, Build program, but with more private sector involvement now.
Diokno was also part of the Duterte administration, initially as Budget secretary and then as governor of the Bangko Sentral ng Pilipinas.
“No’ng time ni Digong we tried to start the Build Build Build no so we devoted something like 5 to 6 percent and ngayon ipagpapatuloy pa natin, but with a twist. Ngayon we will encourage the private sector to get involved in the Build Better More program of the President,” Diokno said.
(During the time of Duterte we tried to start the Build, Build, Build, so we devoted something like five to six percent and now we would continue, but with a twist. Now we will encourage the private sector to get involved in the Build Better More program of the President.)
“Ang objective naman no’n, right now marami naman talaga tayong mga ready to implement projects. Ito easily around 200 ready-to-implement projects and this is all part of that,” he added.
(The objective of this move is to have many ready-to-implement projects. This would be easily around 200 ready-to-implement projects and this is all part of that.)
The signed deals are expected to be presented during this afternoon’s meeting between Marcos and Japan Prime Minister Kishida Fumio, during the document exchange program at the Prime Minister’s Office in Tokyo.
Marcos is in Japan for a five-day official visit, running from February 8 to 12. He is expected to have business meetings throughout the days, including earlier discussions with semiconductor companies in Japan and the said country’s tourism stakeholders.
In the meeting with Japan’s companies in the semiconductor and electronic industries, Marcos was said to have received investment pledges which is seen to open 10,000 more jobs for Filipinos.
READ: Pledges from Japanese tech firms seen to create 10,000 jobs for Filipinos
Before his talk with Kishida, Marcos will have a chance to meet members of Japan’s Imperial Family.
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