Metro Manila (CNN Philippines, December 18) — President Ferdinand Marcos Jr. secured nine investment commitments worth ₱14.5 billion during the Association of Southeast Asian Nations (ASEAN)-Japan Commemorative Summit in Tokyo, Japan, Malacañang said Monday.
The Presidential Communications Office (PCO) said the ₱14.5 billion would bring around 15,750 job opportunities to Filipinos.
\”Kabilang sa mga sektor na tatanggap ng mga bagong investment ang industriya ng imprastruktura, business process outsourcing (BPO), retail, at electronics and ship manufacturing,\” the PCO said.
[Translation: Sectors that will receive new investments include the infrastructure industry, business process outsourcing (BPO), retail, and electronics and ship manufacturing.]
A portion of the pledges are extensions of already existing contracts, according to the president.
“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 US$14 billion in pledges from Japanese investors – expected to generate approximately 40,000 jobs,” Marcos said.
“Your interest in doing business with us will surely help achieve mutual economic growth between the Philippines and Japan,” he added.
In an event led by the Department of Trade and Industry (DTI) during the ASEAN-Japan summit, Frederick Go, who has just been named Special Assistant to the President for Investment and Economic Affairs, said nine new memorandum of understanding (MOUs) worth ₱14 billion were signed between the Philippine government and Japanese businesses.
Go added that more than 20 Japanese companies also gave updates to the president about their pledges from his trip in February.
\”And on that part, we don’t know the exact number today, but ₱169 billion of actualized investments from the trip earlier this year,\” he said.
The investment commitments focus on development projects involving the New Clark City, Manila Japanese School at the Bonifacio Global City as well as ventures in electronics manufacturing and expansion of the furniture industry.
