PH secures P14.5B investment commitments at ASEAN-Japan summit

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PH secures P14.5B investment commitments at ASEAN-Japan summit
Photo from the Presidential Communications office.
  • P14.5 billion in investment commitments were secured at a business event during the recently concluded ASEAN-Japan Commemorative Summit
  • Nine MOUs were signed, aiming to create 15,750 job opportunities through various projects
  • Notable signatories of the MOUs include Tsuneishi Shipbuilding Co. Ltd., Japan Aviation Electronics Industry Ltd., Nitori Holdings Co. Ltd., and Ibiden Co. Ltd.

The Philippines secured P14.5 billion in investment commitments during a business event at the recently concluded Association of Southeast Asian Nations-Japan Commemorative Summit attended by President Ferdinand Marcos, Jr.

Presidential adviser on investment and economic affairs Frederick Go said nine memoranda of understanding were signed during the Department of Trade and Industry-led event, projecting a total of 15,750 job opportunities.

Notable foreign direct investments (FDI) include Tsuneishi Shipbuilding Co. Ltd.’s commitment to enhance productivity, production, and quality while replacing aging facilities in its Cebu shipyard. Nitori Holdings Co. Ltd. is set to expand Japan’s largest furniture and home furnishing chain in the Philippines, with the first store to open in 2024.

Other investors include Ibiden Co. Ltd. and Japan Aviation Electronics Industry Ltd., which will both infuse FDIs in electronics manufacturing to improve efficiency and increase production by modernizing their Philippine facilities. Medley Inc. and Minebea Mitsumi Inc., meanwhile, are investing for business process outsourcing operations.

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

READ: 47-hectare technology hub to rise at New Clark City

The BCDA is also partnering with Manila Japanese School for the school’s renewal of its lease in a four-hectare site at the Bonifacio Global City for another 25 years.

DMCI Project Developers Inc. is forming a joint venture with Japan’s Marubeni Corp. for property development projects.

President Ferdinand R. Marcos Jr. said that the recently-signed MOUs, along with letters of intent signed in February 2023, now amount to a total of P771.6 billion or about $14 billion in pledges from Japanese investors. These investments are expected to generate approximately 40,000 jobs.