Duterte says business deals with Japanese investors 'vote of confidence' for Philippines
President Rodrigo Duterte said on Wednesday the signing of 26 business agreements between the Filipino and Japanese businessmen was a "vote of confidence" in the Philippines.
Prior to Duterte's arrival and delivery of speech during the Business Forum at Imperial Hotel in Tokyo, the business deals were inked.
According to Trade Secretary Ramon Lopez, the agreements have an estimated investment value of P288 billion or about $5.511 billion, which is projected to create more than 82,000 jobs in the country.
"I understand that many of you have signed business deals ahead of this event. And I thank you. It is a vote of confidence in the Philippines’ bright economic prospects," Duterte said in a speech.
The Department of Trade and Industry and Japan External Trade Organization signed the memorandum of cooperation to enhance bilateral cooperation on investment promotion activities between the Philippines and Japan.
Presidential Spokesperson Salvador Panelo, in a statement, said the agreements run across several areas, including skills training and human resource development and deployment; manufacturing and assembly; software development, testing, and maintenance; and electric power distribution system in New Clark City.
The deals also include manufacturing facility for optics equipment, injected molded holsters, and related customized equipment for the defense units of the Philippines; indoor theme parks and amusement facilities; restaurant and bakery businesses; convenience stores; credit facilities; manufacturing of medical devices; automotive business; development of the country’s maritime safety capability; inter-island liquefied natural gas distribution; and manufacturing of hard drives, spindle motors, and laser beams printers. Celerina Monte/DMS