TOKYO — Twelve major Japanese investments worth $1.85 billion have been obtained by the Philippines following the “very productive” visit of President Duterte to Tokyo.
The latest batch of business ventures on country’s automotive manufacturing, renewable energy, agriculture and other sectors is expected to generate 250,000 jobs for Filipinos, according to Trade Secretary Ramon Lopez.
The investment deals were finalized before the President ended his three-day official visit to Japan. Duterte was in Tokyo not only to strengthen the country’s economic and defense cooperation with Japan but also attract private sector investments to the country.
“Sa byahe na to sa Japan visit, natutuwa kami dahil napaka mainit ng pagtanggap sa ating pangulo, sa ating business delegation. We had a successful run ng Philippine Economic Forum,” Lopez said in a media interview.
“Ang maganda hong nangyari marami tayong naging pirmahan ng mga joint venture, expansion, new investments that will come in. They are committed investments running up to about US$1.85 covering 12 MOUs (memoranda of understanding) and letters of intent and they will employ about 250,000, the jobs to be generated by these investments and expansion,” he added.
Lopez said Japanese carmakers Toyota Motors Corporation and Mitsubishi Motors have committed to start local production of their cars in the Philippines under the government’s Comprehensive Automotive Resurgence Strategy (CARS).
Toyota plans to manufacture for the first time Vios in the Philippines while Mitsubishi will produce its Mirage model, according to Lopez.
“They will form part of the CARS program of the DTI (Department of Trade and Industry), BOI (Board of Investments) wherein these manufacturers, if they produce in the country, they will be given a little support and at the same time, will increase local content,” Lopez said.
“In other words, they will source car parts from the Philippines so that will mean more business activities more jobs for Filipinos,” he aded. (GENALYN KABILING)