IMPORTANT MEETING | President Ferdinand Marcos Jr. speaks with Tetsuro Tomita, chair of the Board of Councillors of Keidanren (Japan Business Federation), at the 50th anniversary of the Asean-Japan Friendship and Cooperation luncheon meeting in Tokyo, Japan, on Monday, Dec. 18, 2023. (REUTERS)
TOKYO, Japan — President Ferdinand Marcos Jr. brought home from the Asean-Japan Commemorative Summit here P14.5 billion worth of fresh investment commitments.
The pledges were made during a business event spearheaded by the Department of Trade and Industry on the sidelines of the summit that the president attended.
The nine companies that pledged to invest in the Philippines already have existing contracts and will just expand their operations, Marcos said in a briefing here on Monday.
He added that upon following up pledges from his last trip to Japan, the Philippines now has a total of P771.6 billion worth of investment commitments from Japanese companies.
“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 — expected to generate approximately 40,000 jobs,” a Palace statement quoted the resident as saying after the event.
“Your interest in doing business with us will surely help achieve mutual economic growth between the Philippines and Japan,” Marcos added, addressing the investors.
Trade officials said these latest investment commitments could generate 15,750 job opportunities across infrastructure, electronics, retail, ship manufacturing, and business process outsourcing (BPO).
Also for foreign markets
“Many of these investments that they’re bringing in are not only for the Philippine market, they are also for foreign markets that will also improve our external balance and payments,” Marcos said.
Presidential Adviser on Investment and Economic Affairs Frederick Go, who is part of the official delegation in Japan, added that 20 companies updated the president on their pledges made during his trip to Japan last February.
“And on that part, we don’t know the exact number today, but [there has been] P169 billion [worth] of actualized investments from the trip earlier this year,” the Palace quoted Go as saying.
These include the Bases Conversion and Development Authority (BCDA) and Japan Overseas Infrastructure Investment Corp. for Transport and Urban Development, which will collaborate on studies relevant to the development of New Clark City in Central Luzon.
The BCDA is also partnering with Manila Japanese School for the school’s renewal of its lease in a four-hectare site at Bonifacio Global City for another 25 years.
Other investors include Ibiden Co. Ltd. and Japan Aviation Electronics Industry Ltd., which will both modernize their Philippine facilities to improve efficiency and increase the output of electronics.
Medley Inc., Minebea Mitsumi Inc., Nitori Holdings Co. Ltd., and Tsuneishi Shipbuilding Co. Ltd., meanwhile, are investing in a BPO operation, expansion of furniture and home furnishing chain, as well as production improvement and replacement of aging Philippine facilities.
DMCI Project Developers Inc. is also forming a joint venture with Japan’s Marubeni Corp. for property development projects.