Metro Manila (CNN Philippines, February 12) — President Ferdinand Marcos Jr. announced he brought home over $13 billion (or around ₱708 billion) in investment pledges after his five-day official working visit to Japan that could create more than 20,000 local jobs.
“Coming back, we carry with us over $13 billion in contributions and pledges to benefit our people, create approximately 24,000 jobs and further solidify the foundations of our economic environment,” Marcos said in his arrival speech on Sunday.
During his visit, the Philippines and Japan signed seven bilateral agreements on various areas including agriculture, infrastructure, and disaster and humanitarian aid.
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According to the chief executive, Japan committed a total of ¥377 billion, or around $3 billion, for two major infrastructure projects, namely the North-South Commuter Railway Malolos to Tutuban and the North-South Commuter Railway Project Extension.
In an earlier speech, Japanese Prime Minister Fumio Kishida said they will pledge a support package of ¥600 billion (roughly ₱249.5 billion) that will be conveyed until 2024 as part of the exchange of notes on rail development. This would support the Philippines’ goal to attain upper-middle income status by 2025, he added.
A total of 35 investment deals were signed between the two governments, as well as business companies from both countries, that cover the areas of manufacturing, infrastructure development, energy, transportation, and healthcare, among others.
“From my visit, it was very clear that our strategic partnership with Japan has withstood the test of time and is poised for a new decade of mutual trust, mutual support, and mutual benefit,” Marcos said.
He added that his imperial audience with the majesties of Japan saw the reaffirmation of the commitment to enhance close friendship and cultural ties between the two nations.
As expected, there was no mention on the issue of Filipino “comfort women” — those forced into sex slavery during the Japanese occupation of the Philippines — even during the president’s arrival statement.
The Japan visit was Marcos’ third trip in 2023 and the ninth since holding office in July last year.
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Filipinos, though, have yet to see the pledges from these foreign trips transform into hard investments.
In an interview with CNN Philippines on Sunday, RCBC chief economist Michael Ricafort said Japan has long been helping the country’s economy.
He told Newsroom Weekend that our East Asian neighbor is the country’ s biggest lender and charges interests for the often long-term loans at just \”0.1-0.2% per year.\”
Latest government data showed that the country’s debt is now at ₱13.42 trillion.
