Duterte secures $6 billion fresh investments from Japan

October 30, 2017

Japanese investors have vowed to pour in $6-billion fresh investments representing 18 deals to the Philippines, Trade and Industry Secretary Ramon Lopez said on Monday

Lopez said this was a result of President Rodrigo Duterte's visit to Tokyo where he witnessed the signing of several business-to-business memoranda of understanding and letters of intent on investment plans, joint ventures and expansion of operations between Japanese and Filipino businessmen. "PRRD. (Duterte) presidential visit to Japan reaped USD 6 billion new investments and joint ventures," he told reporters.

He said the fresh investments would be in the areas of manufacturing such as shipbuilding and iron and steel, agribusiness, power, renewable energy, transportation, infrastructure, mineral processing, retailing, ICT, and IT-BPM.

Lopez said he also had a bilateral meeting with his Japanese counterpart, Trade and Industry Minister Hiroshige Seko.

He said they discused improving market access and lowering tariff for Philippine agriculture products such as banana, pineapple, and mango.

Lopez said he also sought Japan’s support to reach substantial conclusion of the Regional Comprehensive Economic Partnership, on Industrial Cooperation Dialogue, and in improving supply chain for Japanese companies to benefit Philippine small and medium enterprises.

With Duterte's second trip to Japan since he assumed office last year, Lopez said this has strengthened bilateral trade and investment relations with Japan. Celerina Monte/DMS