DTI says some investment pledges from Marcos’ Japan trip are ‘ready to go’

Trade and Industry Secretary Alfredo Pascual (File photo from the Senate Public Relations and Information Bureau)

TOKYO, Japan — The Department of Trade and Industry (DTI) has asserted that not some investment pledges obtained during the five-day official visit of President Ferdinand Marcos Jr. to Japan “are ready to go.”

In an ambush interview on the sidelines of a dinner hosted by Toyota Motor Philippines Corporation (TMPC) here on Saturday night, Trade Secretary Alfredo Pascual explained that some pledges were already registered with the Bureau of Investments (BOI) which means the groundwork may have already been set.

“Some are ready to go, some are already registered with the BOI, investments are being documented, and there are those [which] plans over the time… I’ve heard from those Japanese companies we’ve talked to, goes to as long as three years,” Pascual told members of the Philippine press.

“Normally that’s the time frame within which big investments are made. Hindi naman buhos bigla ‘yan ano (That doesn’t come in one swoop), because if you’re building a plant for example, you disburse the investments over time,” he added.

Pascual cited the deal with TMPC, which aims to bring back the vaunted workhorse Tamaraw FX. He said this is already in the works.

“For example Toyota, right, they presented something. They are saying they are going to introduce the utility vehicle, the old Tamaraw and they have designed it so that they have the flexibility of serving the various Filipino families from simple transport needs to business needs,” he said.

“I think that one is progressing well and should be starting. They probably have started the final plans to make the investments,” he added.

READ: Japan firms pledge investments, hiring of more PH seafarers

One of the key criticisms hurled at President Marcos over his foreign trips is that investment pledges do not automatically translate to jobs or income for the country, as these are mere intentions and without a legally-binding contract.

But administration officials and allies have maintained that Marcos received a warm reception in Japan during his official visit, which they believed means there is a high chance that the investment pledges will bear fruit.

Even Marcos believed that the effects of the investment pledges he clinched in Japan would be felt in the Philippines very soon.

READ: Marcos believes investment pledges from Japan will be felt in PH ‘very soon’

Even House of Representatives Speaker Ferdinand Martin Romualdez is upbeat about the outcome of his cousin’s official visit to Japan. He even said that a high-ranking Japanese financial executive expressed interest in investing money to the proposed sovereign wealth fund or Maharlika Investment Fund of the Philippines.

READ: Romualdez says high-ranking Japan exec strongly interested in Maharlika fund

As of noon on Sunday, no exact figures about how much investment pledges were obtained during Marcos’ Japan trip were disclosed but the DTI on Saturday estimated that it may have reached around P500 billion.

But the figure may be bigger, according to Pascual.

“What we saw signed yesterday is a big subset, but that’s not the whole thing ‘cause there are still other discussions going on. In fact my colleagues in Manila today had an event, and the head of BOI, who’s my undersecretary, Perry Rodulfo, announced his target of P1 trillion of BOI registration for 2023,” Pascual said.

“So that gives you an idea of what to expect for 2023. When I say we are together with DTI, together with BOI. And still with PEZA (Philippine Economic Zone Authority)… We bring these efforts, various efforts together that could really translate into something significant compared to the past years,” he added.

Marcos left Tokyo for Manila on Sunday afternoon after meeting the Filipino community in Japan. He arrived here last Wednesday, February 8.

READ: Marcos Jr vows to lower cost of doing business as PH, Japan sign 35 deals 

KGA