At least 5 business deals set to be signed in Tokyo

TOKYO — More than five business deals with Japanese firms are expected to be signed on the sidelines of the Association of Southeast Asian Nations (ASEAN)-Japan Commemorative Summit here, the trade department said yesterday.

Trade Secretary Alfredo Pascual, a member of the Philippine delegation to the summit, said the signing of memoranda of understanding (MOU) indicates the seriousness of the business groups in investing in the country.

“More than five definitely,” the trade chief said when asked how many business deals would be inked during President Marcos’ visit here.

“It’s their expression of interest to invest in the Philippines, the expression of Japanese companies. Some are MOUs between Philippine companies and Japanese companies. I don’t want to discuss the details of this. Maybe we’ll talk about it on Monday,” he added.

But at a press briefing last week, Foreign Affairs Assistant Secretary Daniel Espiritu said the new agreements to be signed include those involving the creative and information technology sectors.

Pascual said the government is inviting foreign investors to operate in the Philippines so they could create higher quality and better paying jobs.

“It’s part of the present policy of the administration. We are inviting foreign investors to come (to) the country. Japanese investments are most welcome. They are among the largest investors in the Philippines, among all the nationalities that have operations in the country,” he said.

President Marcos is in Japan to attend the summit. This was his second visit to Tokyo and his 19th overseas trip since becoming president in 2022. 

The Philippines’ total trade with Japan amounted to $23.49 billion last year, 10.9 percent higher than the $21.83 billion in 2021, government data showed.

Japan is also the second largest trading partner of the Philippines in 2022. Priority sectors for investment promotion to Japan include manufacturing, information technology-business process management, electronic design services, public-private partnership projects, agribusiness and aquaculture, according to the Presidential Communications Office.

Japan was the second export destination and third import source of the