Philippine and Japanese businesses on Wednesday forged P288.804 billion worth of investment deals on the sidelines of President Rodrigo Duterte’s third visit to Japan.
The investment pledges, which are expected to create 82,737 jobs, were signed ahead of Duterte’s attendance at a business forum in Tokyo where he promised a competitive and corruption-free environment in the Philippines.
The list of signed agreements released by Malacañang is as follows:
1) Memorandum of Cooperation: Philippines’ Department of Trade and Industry and Japan External Trade Organization
– Enhance bilateral cooperation on investment promotion activities between the Philippines and Japan
2) Memorandum of Understanding: EMS Group, Tescom Denki Co. Ltd. and Outsourcing, Inc.
– Partnership in skills training and human resource development and deployment, manufacturing, and assembly
3) Memorandum of Understanding: Advanced World Systems, Inc. Alsons/AWS Information Systems, Inc. and Ubicom Holdings, Inc.
– Outsourcing of projects involving software development, testing, and maintenance in the following areas: a) research and development on data analytics, artificial intelligence, automation, Internet of Things, b) enterprise systems and web applications development, c) automotive software development, d) embedded systems development, e) mobile systems development, and f) product quality assurance and testing
4) Joint Venture Agreement: Bases Conversion and Development Authority and Meralco Marubeni Consortium
– Financing, design, engineering, establishment, construction, development, and operation and maintenance of the electric power distribution system in New Clark City.
5) Master Franchise Agreement
– Grant of development rights for the Dohtonbori Okonomiyaki restaurant business within the Philippines
6) Franchise Agreement
– Grant of license to open and operate Karayama outlets within the Philippines
7) Memorandum of Understanding: Asia Defense and Armament Corp., Kenko Tokina Co., Ltd. and Diversified Ecozone Corporation
– Establish a manufacturing facility in the Philippines for optics equipment, injection molded holsters, and related equipment to supply customized equipment for the Armed Forces of the Philippines, Philippine National Police, and other defense units of the Philippine government
8) Letter of Intent: Toyota Motor Corporation
– Additional investments for further parts localization under the CARS Program, including side member panels, radiator assy, fan assy with motor, and FR axle assy.
9) Letter of Intent: Murata Manufacturing Co. Ltd.
– Expand manufacturing capacity of the Philippine Manufacturing Co. of Murata Inc. (PMM) to service demands of existing customers, accommodate new customers, and anticipate increase in sales of multilayer ceramic capacitors.
10) Letter of Intent: Aeon Fantasy Co. Ltd.
– Increase investments in the country for indoor theme parks and amusement facilities through the local subsidiary.
11) Letter of Intent: Sojitz Corporation (Sojitz FUSO Truck)
– Expand investments in the distribution of FUSO truck and bus products through the local subsidiary.
12) Letter of Intent: Sojitz Corporation (Bakery Project)
– Invest in bakery company (Nippon Premium Bakery Inc.) and the upstream business through flour milling and other ancillary services.
13) Letter of Intent: Sojitz Corporation (Industrial Estate Project)
– Co-development of a general industrial park
14) Letter of Intent: JACCS Co. Ltd.
– Invest in the credit and finance business by extending credit facilities to individual and corporate buyers.
15) Letter of Intent: Terumo Corporation
– Expand investments in manufacturing, selling, and exporting medical devices (disposable syringes, needles, safety-needles, IV catheters, and urinary drainage bags) and the development of new products and new technologies in sterilization capability and eco- and smart factories.
16) Letter of Intent: Ibiden Co. Ltd.
– Expand existing investments in the manufacture of Flip Chip Ball Grid Array (FC-BGA) products, as well as capacity to cater to new drivers of growth such as artificial intelligence and establishment of data centers.
17) Letter of Intent: Sumitomo Electric Industries, Ltd.
– Build a new facility for wiring harness and related products for export to Japan and North America.
18) Letter of Intent: Mitsui & Co., Ltd.
– Develop the Philippine automotive industry through a local partner (GT Capital Holdings, Inc.)
19) Letter of Intent: Marubeni Corporation
– Develop possible new and existing infrastructure projects in energy development, New Clark City, railways, and water services
20) Letter of Intent: Furukawa Electric Co., Ltd.
– Expand the production capacity of the local wholly-owned center for wire harnesses
21) Letter of Intent: Lawson, Inc.
– Expand investments through the opening of additional convenience stores
22) Letter of Intent: Japan Marine United Corporation and Marubeni Corporation
– Develop the country’s maritime safety capability by providing maritime expertise, including but not limited to the service of design and construction of ships
23) Letter of Intent: Canon Inc.
– Expand existing investments in the Philippines for monochrome laser beam printers, including service parts, packaging materials, and optional products
24) Letter of Intent: Nidec Corporation
– Expand current investments in the Philippines as manufacturer of hard disk drives, spindle motors, and related parts
25) Letter of Intent: Mitsubishi Motors Corporation
– Expand current investment to support local production of completed vehicles
26) Letter of Intent: Tokyo Gas
– Create an inter-island liquefied natural gas (LNG) distribution network to serve new markets for natural gas in the Philippines
In his speech, Duterte thanked Japanese businessmen for signifying their “strong intention” to invest and expand business operations in the Philippines.
He also said his government is “firmly committed to maintain a stable and predictable environment for robust business partnerships” between the Philippines and Japan.
“May I just assure you that during my time I said there will be no corruption. And every Japanese investor in my country however small or however big, I can assure you that if there’s any complaint regarding hindrances, obstruction or outright corruption, let me know,” he added.
Japan is the Philippines’ second major trading partner and one of the biggest official development assistance partners. (GMA News)