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Marcos: P771.6-B investment pledges from Japan to create over 40K jobs
“We received an additional PHP14.5 billion worth of pledges, bringing our total investments from Japan this year to PHP771.6 billion, which is expected to generate approximately 40,200 jobs,” he said in a Facebook post. (Photo: Bongbong Marcos/Facebook)
Marcos issued the statement, as he welcomed the signing of nine new business agreements between the Philippines and Japan during his recent Tokyo trip.
“We received an additional PHP14.5 billion worth of pledges, bringing our total investments from Japan this year to PHP771.6 billion, which is expected to generate approximately 40,200 jobs,” he said in a Facebook post.
During Marcos’ visit to Japan in February this year, the Philippines has secured about PHP708.2 billion in investment pledges that are seen to open some 24,000 job opportunities for Filipinos.
Marcos said as of December this year, around PHP169.7 billion of the investment commitments “has already been spent,” creating around 9,700 jobs in the Philippines.
He noted that the new investment commitments would create around 15,750 additional jobs for Filipino workers in the technology, manufacturing and services sectors.
The new business deals secured during Marcos’ recent visit to Japan include the collaboration between the Bases Conversion and Development Authority (BCDA) and Japan Overseas Infrastructure Investment Corp. for Transport and Urban Development on studies relevant to the New Clark City’s development.
The BCDA is also partnering with Manila Japanese School for the school’s renewal of its lease in four-hectare site at the Bonifacio Global City for another 25 years.
Ibiden Co. Ltd and Japan Aviation Electronics Ltd. also pledged to invest in electronics manufacturing to improve efficiency and increase production by modernizing their facilities in the Philippines.
Medley Inc., Minebea Mitsumi Mitsumi Inc., Nitori Holdings Co. Ltd., and Tsuneishi Shipbuilding Co. Ltd. also made a commitment to invest in business process outsourcing operation, expansion of furniture and home furnishing chain and production improvement and replacement of aging Philippine facilities.
DMCI Project Developers and Japan’s Marubeni Corp. also formed a joined venture for property development projects.
