Manila Confirms Five Business Deals During President Marcos Jr.’s Visit to Japan
MANILA: President Ferdinand R. Marcos Jr.’s upcoming official visit to Japan is set to witness the signing of at least five business deals and memoranda of understanding (MOU), as announced by Trade Secretary Alfredo Pascual on Saturday. These agreements, indicating significant economic collaboration between the Philippines and Japan, are scheduled to be formalized on December 18.
According to Philippines News Agency, these business agreements represent a strong expression of interest by Japanese companies to invest in the Philippines. The details of these agreements, which involve partnerships between Philippine and Japanese companies, were shared in a news release by the Presidential Communications Office. However, Pascual did not disclose further specifics of the agreements at this time.
Pascual emphasized that the investment commitments from Japanese businesses reflect Japan’s confidence in the Philippines and denote their serious intent to proceed with investments. He highlighted the alignment of these investments with the current administration’s policy of encouraging foreign investment. Pascual remarked, “They are among the largest investors in the Philippines already among all the nationalities that have operations in the country.”
President Marcos Jr. traveled to Japan on Friday to attend the 50th Association of the Southeast Asian Nations (ASEAN) – Japan Friendship and Cooperation Commemorative Summit. Japan holds the status of being one of the Philippines’ three strategic partners, with a total of 264 bilateral agreements in various domains including defense equipment and technology transfer, infrastructure development, and initiatives in Mindanao.
In terms of trade relations, Japan emerged as the Philippines’ second-largest trading partner in 2022. The total trade volume between the two countries reached USD 23.49 billion, marking a 10.9 percent increase from the USD 21.83 billion recorded in 2021. Additionally, Japan is the foremost source of Official Development Assistance to the Philippines, contributing 40.49 percent or USD 12,923.99 million of the country’s total portfolio. It also ranks as the second-largest source of grant assistance, accounting for 28.93 percent or USD 577.72 million of the total grants’ portfolio.