Japan Invests Over 700 Billion, Creating 40,000 Jobs

Nine new business agreements with Japan amounting to P771.6 billion worth of total investment commitments is said to create over 40,000 jobs in the country soon.

President Ferdinand “Bongbong” Marcos welcomed the signing of these agreements in his recent Tokyo trip in Tokyo, Japan.

“Today, we received an additional PHP 14.5 billion in pledges, bringing our total investments from Japan this year to PHP 771.6 billion, expected to create approximately 40,200 jobs,” Marcos shared in his Facebook post.

In February of this year, the country received over P700 billion in investments and 24,000 job opportunities from Japan. Marcos mentioned that out of those pledges, PHP 169.7 billion has already been spent, creating 9,700 jobs as of December.

The newly signed agreements are expected to create 15,000 jobs for Filipinos in technology manufacturing and services sectors.

The deal also includes the collaboration between the Bases Conversion and Development Authority (BCDA) and Japan Overseas Infrastructure Investment Corp. for the Transport and Urban Development, focusing on studies relevant to the development of New Clark City.

BCDA has also partnered with the Manila Japanese School to renew the school’s lease on a four-hectare site at Bonifacio Global City, extending the agreement for another 25 years.

Moreover, Ibiden Co. Ltd and Japan Aviation Electronics Ltd. have committed to investing in electronics manufacturing to enhance efficiency and increase production by modernizing their facilities in the Philippines.

Additionally, Medley Inc., Minebea Mitsumi Inc., Nitori Holdings Co. Ltd., and Tsuneishi Shipbuilding Co. Ltd. have pledged support for various initiatives, including business process outsourcing operations, the expansion of furniture and home furnishing chains, and the enhancement and replacement of aging facilities in the Philippines.

Meanwhile, DMCI Project Developers and Japan’s Marubeni Corp. have joined forces to establish a joint venture for property development projects. These collaborations represent a comprehensive effort to leverage Japanese investments for the growth and development of various sectors in the Philippines. (ASC)