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US$5 billion worth of business agreements signed during Duterte’s Japan visit

May 30, 2019 - Thursday 2:05 PM by Lovely Carillo

Article Banner Image President Rodrigo Duterte greets the officials from various Japanese companies in attendance during a meeting at the Imperial Hotel in Tokyo, Japan on May 29, 2019. ROBINSON NIÑAL JR./PRESIDENTIAL PHOTO

A total of 26 business agreements worth US$5.511 billion or roughly P288 billion were signed during the first two days of President Rodrigo Duterte’s four-day official visit in Tokyo, Japan.

“We are pleased to announce that twenty-six (26) business agreements were signed at the sidelines of the President’s working visit to Japan,” Chief Presidential Legal Counsel and Presidential Spokesperson Salvador Panelo said in a statement.

Panelo said these agreements are projected to create more than 82,000 jobs in the country.

These agreements run across several areas, including skills training and human resource development and deployment; manufacturing and assembly; software development, testing, and maintenance; electric power distribution system in New Clark City; manufacturing facility for optics equipment, injected molded holsters, and related customized equipment for the defense units of the Philippines.

Other areas include 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.

“These agreements emphasize the confidence the Japanese business leaders have on the Philippines as an investor haven under the vibrant and decisive leadership of President Duterte,” he said.