MANILA – Around 35 investment agreements on a wide range of areas of cooperation have been sealed between the Philippines and Japan on Friday, on the third day of President Ferdinand R. Marcos Jr.’s official visit to Tokyo.
Marcos witnessed the signing of Letters of Intent (LOI) on investments between the Philippine and Japanese governments, as well as various companies from both nations.
The deals are expected to bolster bilateral relations between the Philippines and Japan, Communications Secretary Cheloy Garafil said in a statement.
Topping the list of the signed deals was a Memorandum of Cooperation between the Department of Trade and Industry (DTI) and Japan External Trade Organization (JETRO) signed by Trade Secretary Alfred Pascual and JETRO chief executive officer Nobuhiko Sasaki.
There was also a planned expansion of Asti Corporation’s wiring harness manufacturing project; Brother Industries, Ltd.’s printer manufacturing project; Itochu Corporation's pineapple production volume; Japan Tobacco Inc.’s factory project; Mitsubishi Motors Corporation’s automobile manufacturing project; and Nidec Corporation's (Nidec-Shimpo Corporation) speed reducer gear manufacturing project.
DoubleDragon Corporation/IwataChizaki Inc. made a pledge to construct hotel in the Philippines, while Mitsubishi Motors Corporation had a commitment renewal to meet production targets.
Several companies also made a commitment to create a new factory in the country, including Kurabe Industrial Co, Ltd. for autoparts; MinebeaMitsumi Inc. for optical image stabilizer (OIS) production and solar project; Tamiya, Inc. for plastic models and RC cars; TDK Corporation for next generation HDD heads and components project; and Yamaichi Electronics for IC sockets.
There were also two factory expansion deals with Murata Manufacturing Co. Ltd. for multi-layer ceramic capacitors and Kenko Tokina Co., Ltd. for telescope factory.
Other investment pledges were energy, transportation, healthcare and afforestation projects with Marubeni Corporation; infrastructure development, construction activities, transportation, commercial and residential real estate development and mass housing projects with Mitsubishi Corporation; and property development project with Nomura Real Estate Development Co., Ltd./ GT Capital Holdings.
There was also an agreement to pursue a mechanical energy storage technology project among Kawasaki Heavy Industries, Aboitiz, Amber Kinetics, and IKS Co. Ltd; as well as a deal for software development outsourcing project between Ubicom Holdings, Inc. and Advanced World Systems,Inc.
Other firms that agreed to partner with the Philippines were Toyota Motor Corporation for light commercial vehicle (LCV) manufacturing project; Renova, Inc. for renewable energy project; Sojitz Corporation for property development project and telecommunications project; and Taiheiyo Cement Philippines Inc. for kiln renewal, distribution terminal and berth reinforcement project.
There was also an agreement between the Department of Environment and Natural Resources (DENR), Marubeni Corporation, and Dacon Corporation for Joint Credit Mechanism (JCM) project; Hitachi, Ltd. and Filinvest Development Corporation for development, construction, and operation of desalination facilities to supply potable water to Metropolitan Cebu; Sumitomo Corporation’s North South Commuter Rail and Metro Manila Subway for the rolling stock project; Oriental Energy & Power Generation Corporation and Marubeni Corporation for the development and operation of renewable power plants.
Other business deals were Hankyu Hanshin Properties Corp. and W Landmark Inc.’s co-investment in a REIT, and joint venture in commercial real estate development activities; and JERA Co., Inc. and Aboitiz Power Corporation’s cooperation in development of ammonia and hydrogen value chains in the Philippines, and assessing the feasibility of ammonia co-fired power generation in the country.
The other commitments were joint venture partnerships between Sojitz Corporation and Maestro Holdings, Inc. in healthcare, logistics and warehousing, education; housing project between Vista Land & Lifescapes, Inc. and Mitsubishi Estates Co., Ltd.; ceremonial hand-over of Certificate of Gratitude: AMEN and Go Negosyo; and demonstration project for the development of smart mobility between Bases Conversion and Development Authority and New Energy and Industrial Technology Development Organization.
In a speech delivered after the signing of the deals, Marcos assured the Japanese investors that his administration is implementing "vital and game-changing reforms" to improve the business climate in the Philippines.
On top of the 35 investment deals, the Philippines also secured seven bilateral agreements with Japan to boost cooperation in various fields, including infrastructure development, defense, agriculture, and information and communications technology. (PNA)