A TOTAL of $6 billion worth of business agreements were signed by Philippine government officials and business representatives with industry leaders in Tokyo during President Rodrigo Duterte’s visit in Japan last Monday, October 30.
During Duterte’s arrival at the Francisco Bangoy International Airport (FBIA) the night of October 31 from a meeting with Japanese Prime Minister Shinzo Abe, Duterte shared the success of his business trip including the agreements the two countries had in terms of defense, trade, and the rehabilitation of Marawi.
“On economic cooperation, we encourage funds to explore more opportunities to invest in the Philippines including steel manufacturing, agribusiness, and IT-related services. I met with industry leaders in Tokyo to sign business agreements valued at $6 billion. This is more than three times the amount of sealed business agreements during my first visit to Japan in 2016,” said Duterte.
In separate reports, it was said that the Japanese companies that entered into agreements with the Philippines include Itochu Corporation, Yamato Kogyo, Nomura Real Estate Development Company Ltd., Isetan Mitsukoshi Holdings Ltd., Subic Smart Community Corporation, List Company Ltd., Hitachi Ltd., Hitachi Asia, Densan System Company Ltd., Ubicon Holdings Incorporated, Advanced World Solutions Incorporated, Lawson Incorporated, Ministop Company Ltd., Tokyo Gas Company Ltd., Japan Tobacco Incorporated, Tsuneishi Shipbuilding Company Ltd., Taiheiyo Cement Corporation, Sumitomo Metal Mining Company, Itochu Corporation, and Marubeni Corporation.
Among the government agencies that signed agreements with some of these companies were the Department of Trade and Industry, Department of Energy, and the Department of Finance.
Duterte added that many other projects will be expected to roll off under the one trillion Yen or close to $9 billion pledge of assistance that the government of Japan pledged to the Philippines earlier this year. The assistance package has a span of five years.
“I am committed to work close with Prime Minister Abe to ensure that projects proceed soonest and it will be done, done, done,” Duterte said.