Marcos secured P14.5B worth of investments from Japan trip — PCO

President Ferdinand ''Bongbong'' Marcos Jr. secured P14.5 billion worth of investments in his latest Japan trip, the Presidential Communications Office said on Monday.

The PCO said that the new signed agreements and pledges could generate a total of 15,750 job opportunities. Marcos is in Tokyo for the 50th Commemorative Summit of the ASEAN-Japan Friendship and Cooperation.

In his message, Marcos said the pledges made at present as well as the investments secured during his trip to Tokyo in February of this year has reached up to US$ 14 billion.

“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,'' Marcos added.

Marcos said those investments cover wide range of areas from semi-conductors, healthcare to infrastructure and agriculture, noting that the presence of Japanese companies in infrastructure development is very high profile.

“But many of these projects that investments that they’re bringing in are not only for the Philippine market, they are also for foreign markets that will also improve our external balance and payments,” he said.

Meanwhile, Presidential Adviser on Investment and Economic Affairs Frederick Go said nine new memoranda of understanding have been signed with Japan. On the other hand, more than 20 companies gave updates to the President on their pledges from his trip last February.

Among the companies involved include the Bases Conversion and Development Authority (BCDA) and Japan Overseas Infrastructure Investment Corp. for Transport and Urban Development (JOIN), which will collaborate on studies relevant to the development of the New Clark City.

Other investors include Ibiden Co. Ltd and Japan Aviation Electronics Industry Ltd., which will both infuse foreign direct investments in electronics manufacturing to improve efficiency and increase production by modernizing their Philippine facilities.

Other companies that are also committing FDIs include Medley Inc., Minebea Mitsumi Inc., Nitori Holdings Co. Ltd and Tsuneishi Shipbuilding Co. Ltd. They are investing for business process outsourcing (BPO) operation, expansion of furniture and home furnishing chain, as well as production improvement and replacement of aging Philippine facilities.

Moreover, DMCI Project Developers Inc. is also forming a joint venture with Japan’s Marubeni Corp. for property development projects. — RSJ, GMA Integrated News