Duterte in Japan: P300 billion deals to be signed

TOKYO – More than 20 business deals worth almost P300 billion are expected to be signed during President Duterte’s visit here, the trade department said yesterday.

Trade Secretary Ramon Lopez said the agreements, which include investment pledges, would create at least 80,000 jobs.

The investment pledges cover infrastructure, manufacturing, electronics, medical devices, business process outsourcing, power, electricity, transport, automotive, food manufacturing and marine manpower industries.

“Japanese investors remain bullish on the sustained growth momentum under the administration of President Duterte, given its aggressive infrastructure build-up, meaningful investment and financial reforms and demographic advantages,” Lopez said in a statement.

“The Department of Trade and Industry is consistently pursuing investments from all countries to provide decent employment opportunities to Filipinos,” he added.

The trade department will also hold a business forum and roundtable discussions to promote the Philippines to Japanese investors.

Duterte is set to leave for Japan today to attend Nikkei’s 25th international conference on the future of Asia, his third visit to the East Asian country as president.

He is also expected to meet with Japan Prime Minister Abe Shinzo, his seventh meeting with the Japanese leader, to discuss ways to enhance the ties between Manila and Tokyo.

Japan was the Philippines’ second major trading partner last year with total trade at $20 billion. It was also the Philippines’ third major export market and import supplier.

In the same year, Philippine exports to Japan amounted to $9.5 billion, while the country’s imports from Japan reached $10.5 billion.

Japan was also among the major sources of foreign investments approved by Philippine investment promotion agencies last year as it registered $19.73 billion worth of investments. – With Louella Desiderio