President Rodrigo Duterte appeals to the Japanese companies to jumpstart the implementation of investments in the Philippines.
On May 29, the Philippine and Japanese firms signed 26 business agreements worth PHP288.8 billion (USD5.5 billion) and will produce 82,737 jobs. After the signing, President Duterte attended a roundtable meeting and urged participating Japanese firms to begin pursuing their projects immediately.
According to Department of Trade and Industry (DTI) Secretary Ramon Lopez, the President reiterated his support and mandated projects which have high impact in improving the lives of the people, particularly on the big-ticket infrastructure projects on power, transportation, and water, to be facilitated.
The President nevertheless expressed his confidence that the Japanese investors are more serious in pursuing its investment plans, and that they are known for quality workmanship. The President was also informed that Japanese investors usually implement projects relatively faster.
Sec. Lopez also thanked the delegation as their “presence here signals the continued confidence in our country’s strong macroeconomic fundamentals, and the meaningful reforms under the Duterte administration.”
The roundtable meeting was attended by the following Japanese executives:
Japan External Trade Organization (JETRO) Chairman and CEO Nobuhiko Sasaki. JETRO signed a Memorandum of Cooperation with the DTI to enhance bilateral cooperation between PH and Japan.
• Sumitomo Mitsui Banking Corp. (SMBC) Chairman Koichi Miyata. SMBC committed to support the separate investments put forward by Sumitomo Electric Industries, Ltd and Mitsui & Co., Ltd. Sumitomo signed a letter of intent (LOI) to build of a new facility for wiring harness and related products for export to Japan and North America. While Mitsui signed an LOI to develop the PH automotive industry through its local partner, GT Capital Holdings, Inc.
• Marubeni Corporation President and CEO Masumi Kakinoki. Marubeni signed an LOI to develop possible new and existing infrastructure projects in energy development, New Clark City, railways, and water services.
• Sojitz Corp. Vice Chairman and Representative Director Takashi Hara. Sojitz signed three LOIs for the expansion of investments in the distribution of FUSO truck and bus products; investments in the Nippon Premium Bakery Inc. and the upstream business through flour milling and other ancillary services; and the co-development of a general industrial park.
• Mitsubishi Motors Chairman and CEO Osamu Masuko. Mitsubishi is part of the DTI’s Comprehensive Automotive Resurgence Strategy (CARS) Program and signed an LOI to expand current investment to support local production of completed vehicles.
• President and Representative Director of Tokyo Gas Takashi Uchida. Tokyo Gas signed an LOI to create an inter-island liquified natural gas (LNG) distribution network to serve new markets for natural gas in the PH.
Also at the roundtable meeting were Taisei Corp. President and CEO Yoshiyuki Murata, Mizuho Bank President and CEO Koji Fujiwara, DMCI President and CEO Jorge Consunji, Development Bank of the Philippines (DBP) Board member Maria Lourdes Arcenas, President and CEO of the Bases Conversion and Development Authority (BCDA) Vince Dizon, and President and CEO of Magsaysay Group of Companies Doris Magsaysay-Ho.
Secretary Lopez said these investments will “surely generate jobs and employment for our countrymen. And for each job that is created, we uplift the lives of one Filipino family. These investments, ultimately, will help us create inclusive growth and shared prosperity.”
