By Leonel Abasola
MANILA – The Marcos administration reported on Monday PHP14.5 billion worth of investment commitments following the Department of Trade and Industry-led (DTI) business event during the ASEAN-Japan Commemorative Summit in Tokyo, Japan.
Under the new signed agreements and pledges updates, trade officials said those investment commitments could generate a total of 15,750 job opportunities.
“I am delighted to know that the letters of intent signed last February 2023 and those signed today now aggregate PHP771.6 billion or about USD14 billion in pledges from Japanese investors – expected to generate approximately 40,000 jobs,” President Ferdinand R. Marcos Jr. announced on Monday.
“Your interest in doing business with us will surely help achieve mutual economic growth between the Philippines and Japan,” he said.
The President said those investments cover wide range of areas from semiconductors, healthcare to infrastructure and agriculture, noting the presence of Japanese companies in infrastructure development is very high profile.
“But many of these projects that 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,” he added.
Presidential Adviser on Investment and Economic Affairs Frederick Go said the DTI-led event covered the signing of the nine new memorandum of understanding (MOUs) with a total value of PHP14 billion.
But the more important thing is that more than 20 companies gave updates to the President on their pledges from his trip last February, Go said.
“And on that part, we don’t know the exact number today, but PHP169 billion of actualized investments from the trip earlier this year,” he said.
Among the companies involved include the Bases Conversion and Development Authority (BCDA) and Japan Overseas Infrastructure Investment Corp. for Transport and Urban Development (JOIN), which will collaborate on studies relevant to the development of the New Clark City.
The BCDA is also partnering with Manila Japanese School (MJS) for the school’s renewal of its lease in four-hectare site at the Bonifacio Global City for another 25 years.
Other investors include Ibiden Co. Ltd and Japan Aviation Electronics Industry Ltd., which will both infuse foreign direct investments (FDIs) in electronics manufacturing to improve efficiency and increase production by modernizing their Philippine facilities.
Among the companies that are also committing FDIs include Medley Inc., Minebea Mitsumi Inc., Nitori Holdings Co. Ltd. and Tsuneishi Shipbuilding Co. Ltd. They are investing for business process outsourcing (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. (PND)