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MANILA, Philippines – President Rodrigo Roa Duterte’s state visit to Japan brought $1.8 billion in investment commitments back to the country.
Department of Trade Secretary, Ramon Lopez, stated that 12 investment agreements valued at $1.8 billion were signed between Philippines and Japan.
The deals include five memoranda of understanding (MOU). MOU includes BCDA-Hitachi Asia Ltd. Collaboration, Ayala-Mitsubishi solar rooftop project, and Clark Green City development’s feasibility studies by The Power Grid Solution Ltd. In addition, production of truck’s wing van body sets was agreed upon by Nippon Freuhal and Centro Manufacturing.
Seven letters of intent (LOI) also comprise the billions of dollars agreements between the two countries. Minebea, Toyota, Tsuneishi, Ise Foods, and Mitsubishi signed the LOIs.
The MOUs and LOIs in combination will provide 250,000 jobs to Filipinos.
Banana import deal with Japan has also been signed and valued at P5 billion with Japanese company Farmind, which is Fresh MD Holdings Inc. subsidiary. Department of Agriculture Secretary, Emmanuel Piñol, reported 20 million boxes of Cavendish bananas will be imported by the Philippines to Japan. Approximately 14,000 farm workers will be employed by the deal.
The signing of P5-million worth of banana import contracts will open around 7,000 hectares of banana farms. Former conflict areas in Southern Philippines are the target areas of Farmind to put up the farms.
Piñol claimed that the current agreement would allow the country to dominate Japan’s banana market. Due to lower oil prices, Ecuador was able to import bananas to Japan, causing Philippines supply to decline to 75 from 90 percent.
Lopez reported a successful Philippine Investment and Economic Forum in Japan, which was attended by 200 from the Philippine delegation and 1,000 from Japan conglomerates. Following this successful state visit, the administration is optimistic that Japan relations and investments will press forward.