Metro Manila (CNN Philippines, February 10) – The Philippines and Japan signed on Friday dozens of investment deals, which the Marcos administration expects to generate over 10,000 jobs.
President Ferdinand Marcos Jr. witnessed the signing of letters of intent or agreements between the two governments, as well as business companies from both countries, during the third day of his Tokyo trip.
Malacañang said the partnerships cover the areas of manufacturing, infrastructure development, energy, transportation, and healthcare, among others.
The Presidential Communications Office (PCO) noted that among these are a wiring harness manufacturing expansion project with Asti Corporation; a printer manufacturing expansion project with Brother Industries, Ltd.; a hotel construction project with DoubleDragon Corporation/IwataChizaki Inc.; and a factory expansion project with Japan Tobacco Inc.
It added that the list also includes a deal for a new auto parts factory with Kurabe Industrial Co, Ltd.; energy, transportation, healthcare, and afforestation projects with Marubeni Corporation; and an automobile manufacturing expansion project with Mitsubishi Motors Corporation.
The event came a day after the Philippines and Japan inked seven key bilateral deals.
LIST: PH, Japan ink 7 key deals in Marcos visit
Meanwhile, companies from both countries will be holding over 200 meetings – following a business matching event arranged by the Department of Trade and Industry (DTI).
“On the morning of the first day [Feb. 8], our DTI Secretary [Alfredo] Pascual reported that the business matching event that DTI arranged for 85 Philippine companies yielded more than 255 meetings with Japanese counterparts,” Marcos said in a speech during a business networking luncheon organized by Japanese groups on Friday.
About 114 business delegates accompanied Marcos to Japan. “[Their] activities span Japan-centric business opportunities: manufacturing, construction, real estate, retail, food service, trading, telecommunications, aviation, recruitment, mining and agribusiness,” he said.
In his speech, Marcos also said he is hopeful the business connections formed by the trip would strengthen ties between the Philippines and Japan.
“On top of forging new connections in business, our delegates are also here on a mission to listen, to observe, to learn and then act on opportunities and new knowledge. I hope that these synergies that we establish with our Japanese partners today will continue to grow,” he ended.
The PCO earlier said the Japan trip had secured billions of pesos worth of investment pledges from the semi-conductors, electronics, and wiring harness industries for the Philippines.
READ: Malacañang: Marcos gets billions of pesos worth of investment pledges from Japanese firms
