President Ferdinand Marcos Jr. said his administration secured nine investment pledges from Japanese businesses totaling P14 billion after his trip to Tokyo.
In an interview with the Philippine media delegation in Japan before flying back to Manila, Marcos said his administration signed nine new memorandums of understanding (MOUs) covering the investment pledges on Monday.
Marcos said that nine companies from different areas, including semiconductors, healthcare, infrastructure development, security, and agriculture, were involved in these business partnerships.
"Some of these are extensions of already existing contracts. They are just expanding their operations," Marcos said.
"But the more important part is (there will be) 200,000 plus new jobs," Marcos added.
He mentioned that he met with Japanese business leaders to follow up on the agreements he made in February before he flies back to Manila, adding that they were able to stay within the schedule.
"I just came now from another meeting with Japanese corporations, private sector partners. Some who are already in the Philippines, some are thinking of going to the Philippines although most of them have involvement already," Marcos said.
Among the firms involved are Japan Overseas Infrastructure Investment Corp. for Transport and Urban Establishment and the Bases Conversion and Development Authority, which will work together on studies related to the establishment of 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 location in Bonifacio Global City.
Ibiden Co. Ltd. and Japan Aviation Electronics Industry Ltd. are two additional investors that will contribute foreign direct investments (FDIs) to the electronics manufacturing industry to modernize its Philippine facilities and boost production.
A few other businesses making FDIs are Tsuneishi Shipbuilding Co. Ltd., Medley Inc., Minebea Mitsumi Inc., and Nitori Holdings Co. Ltd. They are making investments for the operation of business process outsourcing (BPO), the extension of the furniture and home furnishing chain, the enhancement of production, and the replacement of outdated Philippine facilities.
Additionally, for real estate development projects, DMCI Project Developers Inc. and Marubeni Corp. of Japan are establishing a joint venture.