Marcos secures P14.5B investment pledges

TOKYO: President Ferdinand Marcos Jr. secured nine investment pledges amounting to P14 billion during his visit to Japan that could benefit more than 200,000 Filipinos.

The agreements were signed following the business event led by the Department of Trade and Industry (DTI) on the sidelines of the Association of Southeast Asian Nations (Asean)-Japan Commemorative Summit in Tokyo.

«I think the number that was given to us for today just for those pledges… it was nine companies but to the value of P14 billion,» Marcos told Filipino journalists during a media interview.

«But some of these are extensions of the already existing contracts; they're expanding their operations. But the more important part is the 200,000 plus new jobs,» he added.

The President said the investments cover semiconductors, health care, infrastructure and agriculture.

«But many of these projects that investments that they're bringing in are not only for the Philippine market, they are also for foreign markets that will also improve our external balance and payments,» he said.

«I am delighted to know that the letters of intent signed last February 2023 and those signed today now aggregate P771.6 billion or about $14 billion in pledges from Japanese investors,» he added.

Meanwhile, Presidential Adviser on Investment and Economic Affairs Frederick Go said nine memorandums of understanding were signed.

But the more important thing is that more than 20 companies gave updates to the President on their pledges from his trip last February, said Go.

Among the companies involved were the Bases Conversion and Development Authority (BCDA) and Japan Overseas Infrastructure Investment Corp. for Transport and Urban Development, which will collaborate on studies relevant to the development of New Clark City.

The BCDA will also partner with the Manila Japanese School for the school's renewal of its lease on a 4-hectare site at the Bonifacio Global City for another 25 years.

Other investors include Ibiden Co. Ltd and Japan Aviation Electronics Industry Ltd., which will infuse foreign direct investments (FDIs) in electronics manufacturing to improve efficiency and increase production by modernizing their Philippine