Marcos secures P14B in Tokyo pledges

President Ferdinand Marcos Jr. said yesterday his administration secured nine investment pledges from Japanese businesses totaling P14 billion during his Tokyo trip.

In an interview with the Philippine media delegation in Japan before flying back to Manila, Marcos said his administration signed nine new memoranda of understanding, or MoUs, covering the investment pledges.

The President said that nine companies in different sectors, including semiconductors, healthcare, infrastructure development, security,  and agriculture, are involved in the business partnerships.

"Some of these are extensions of already existing contracts. They are just expanding their operations," he said. "But the more important part is (there will be) 200,000-plus new jobs."

He said that he met with Japanese business leaders to follow up on the agreements he had made in February, adding that they were able to stay within the schedules.

"I came just now from another meeting with Japanese corporations and private sector partners, some who are already in the Philippines, some who are thinking of going to the Philippines, although most of them already have involvements," Marcos said.

Among the firms is the Japan Overseas Infrastructure Investment Corp. which will work with the Bases Conversion and Development Authority on studies related to the establishment of the New Clark City.

Additionally, the Manila Japanese School  and the BCDA are working together to extend the school's 25-year lease on a four-hectare lot in Bonifacio Global City.

Ibiden Co. Ltd. and Japan Aviation Electronics Industry Ltd. are two investors that will contribute foreign direct investments to the electronics manufacturing industry to modernize its Philippine facilities and boost production.

A few other businesses making FDIs are the Tsuneishi Shipbuilding Co. Ltd., Medley Inc., Minebea Mitsumi Inc., and Nitori Holdings Co. Ltd. They are investing in business process outsourcing, a furniture and home furnishing chain, in enhancing production and replacing outdated Philippine facilities.

Additionally, for real estate development projects, DMCI Project Developers Inc. and Marubeni Corp. of Japan are establishing a joint venture.