MANILA – More than 40,000 jobs are expected to be generated from the PHP771.6 billion worth of total investment commitments from Japan’s business community, President Ferdinand R. Marcos Jr. said Monday.
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.
‘Champion for job creation’
House Speaker Ferdinand Martin Romualdez said the PHP771 billion in total investment pledges generated by President Marcos from Japan since last February show the foreign investors’ confidence in the Philippines.
"President Marcos has proven himself a champion for economic growth and job creation. These investment pledges secured in Japan are a testament to the international community's confidence in the Philippines' future under his leadership," Romualdez said in a statement on Tuesday.
He said over 40,000 jobs expected to be created would also boost the government’s campaign to reduce poverty.
"The promised over 40,000 jobs are not just numbers, they represent families lifted out of poverty, brighter futures for our youth, and a stronger middle class. President Marcos' dedication to attracting foreign investments translates directly into improved livelihood for our countrymen," he added.
Romualdez renewed the full support of the House of Representatives in the Marcos administration’s effort to create a more investor-friendly ecosystem in the Philippines not only for Japanese but also for other foreign businesses, through necessary legislation to address their concerns.
In his address during the signing of new agreements and updates on investment pledges in Tokyo, President Marcos said his administration continues to listen to issues, concerns and suggestions of investors on “what needs to be done to continue supporting and ensuring their success in the Philippines.”
“That is why the Speaker of the House of the Representatives of the Philippines is here, accompanying us, on what is essentially is a business delegation but because of the laws in the Philippines dictate that all revenue measures that are undertaken or new laws that are revenue measures must originate from the House of Representatives," Marcos told Japanese business leaders.
Romualdez said the inputs and suggestions they personally hear from potential investors during these trips would be invaluable in crafting laws meant to answer the issues they have raised to ensure that these investment pledges would come to fruition and create jobs for thousands of Filipinos.
Earlier, he said the House would push for amendments to the restrictive economic provisions of the 1987 Constitution to further open the country’s doors to foreign investments. (with a report from Zaldy De Layola/PNA)
