Metro Manila (CNN Philippines, February 12) — Tycoon Manny V. Pangilinan and Japanese trading firm Mitsui & Co. have committed to invest $600 million in Philippine infrastructure development, Malacañang said Sunday.
The Presidential Communications Office (PCO) said the news was revealed by Pangilinan to President Ferdinand Marcos Jr. during a dinner meeting on Wednesday.
“We signed an agreement with Mitsui and several parties and management to commit to invest $600 million in infrastructure,” Pangilinan was quoted as saying.
“Mitsui said it will continue ‘exploring the possibility of further collaboration with the Philippines in business areas of mutual interest,’ including food and agriculture, renewable energy and digital transformation,” the PCO said.
Earlier, the Palace said the chief executive met with various Japanese firms, including carmaker Toyota which said it will be reviving the Tamaraw model in the Philippine market.
Marcos also held meetings with Marubeni Corp. and Tokyo Gas Co. Ltd. for possible investments in the country’s energy sector.
The president is set to return on Sunday from his five-day visit to Japan, his third foreign trip this year, where the Philippines and Japan signed a total of 35 investment deals, which the government expects to generate over 10,000 jobs.
The Marcos administration also secured investment pledges worth billions of pesos from various Japanese firms, earlier pegged to reach around $10 billion.
In a separate statement, Trade Secretary Alfredo Pascual said some of the deals are “ready to go.”
“May mga iba ready to go. May mga iba registered na sa BOI (Board of Investments)… na dinocument to meet the investments,” Pascual was quoted as saying.
[Translation: There are some which are ready to go. Others are already registered with the BOI…which were documented to meet the investments.]
