PNoy back from Japan with P13.5B in investment pledges, P136.9B in loans

President Benigno Aquino III on Friday returned to the Philippines from his four-day state visit to Japan, bringing home P13.5 billion in foreign investment commitments and pledges and P136.9 billion in concessional loans.

 

In his arrival remarks, Aquino said 11 Japanese firms had signed letters of intent to invest or expand operations in the Philippines.

 

Aquino said one of these companies is clothing firm Uniqlo, which plans to open 200 more outlets in the country.

 

Other companies include manufacturers of electric tricycles, printers, smart glasses and medical equipment, he added.

 

“Sa pagdadala nila ng mga produktong ito sa Pilipinas, malinaw na lumalawak ang pagkilala ng mundo sa talino at talento ng Pilipino,” the President said.

 

He further said these investments can generate up to 30,761 jobs for Filipinos.

 

“Dahil alam naman nating kapag mas mataas sa value chain ang produktong nililikha ay mas mataas din ang pasahod at mas mabilis na matatamasa ang ginhawa at dignidad ng buhay para sa nakakaraming Pilipino,” Aquino said.

 

During his Tokyo visit, the President addressed business groups and encouraged them to set up shop in the Philippines now. He also held private meetings with various trade leaders.

 

P136.9-B in infrastructure loans

 

Aside from investments, Aquino boasted of the various agreements he signed with Japanese Prime Minister Shinzo Abe, including one that boosts the strategic partnership between the two countries.

 

“Dagdag pa pong good news: ang sari-saring mga kasunduang nilagdaan sa pagitan ng Japan at ng Pilipinas partikular sa mga sektor ng kalusugan, maritime safety, at kalakalan,” Aquino said.

 

The President also shared that Japan agreed to grant the Philippines P136.9 billion in concessional loans for various infrastructure projects.

 

“Ito pong concessional loan ang pautang na sobrang gaan ng interes at ipinagkakaloob ng kaibigan sa kanyang kapwa kaibigan. Nagpapakita po ito ng kagustuhang tunay na makatulong kaysa maging pabigat,” he said.

 

Aquino also revealed earlier in the day that he and Abe had agreed to start talks for a Visiting Forces Agreement (VFA) between the Philippines and Japan.

 

President Aquino’s visit to Japan took place as China continues to increase its efforts to stake its claim in contested areas in the South China Sea, particularly by building artificial islands.  — ELR, GMA News