TOKYO – At least 25 business deals representing roughly $6 billion in new investments have been signed by Philippine and Japanese firms in a development that officials said affirmed investor confidence in the Philippines.
President Duterte witnessed the signing yesterday of the agreements, which are expected to release Japanese investments in manufacturing, shipbuilding, iron and steel, agribusiness, power, renewable energy, transportation, infrastructure, mineral processing, retailing, information and communication technology, and business process management.
“President Duterte met several Japanese companies and witnessed several B-B MOUs (business-to-business memoranda of understanding) and letters of intent on investment plans, joint ventures and expansion of operations in the Philippines,” Trade Secretary Ramon Lopez said in a statement.
“Total new investments (are expected to reach) $6 billion,” he added.
A list of companies that signed the agreement was not available as of yesterday but incoming presidential spokesman Harry Roque said the deals would be undertaken by “big multinational” and “Filipino giant” corporations.
Roque said the signing of business deals also highlighted the “very strong” relations between the Philippines and Japan.
“It also proves that Japan continues to be one of our most active trading partners,” the incoming presidential spokesman said.
Among the companies that signed business deals are the Steel Asia Manufacturing Corp. and Metro Pacific Investments, which forged agreements with Hitachi and Itochu.
The group of businessman Manuel V. Pangilinan was also scheduled to meet with Japanese firms NTT, Rakuten, Itochu, Mitsui, Marubeni, Densan and Hitachi.