At least P14.5 billion worth of investments were generated at a forum arranged by the Department of Trade and Industry on the sidelines of the Association of Southeast Asian Nations (Asean)-Japan Commemorative Summit in Tokyo, Japan which was attended by President Ferdinand Marcos Jr.
Presidential Adviser on Investment and Economic Affairs Frederick Go said the investments were covered by nine new memorandum of understanding (MOUs) on energy, infrastructure and manufacturing and will generate 15,000 jobs.
While he welcomed the new investments, the President took the opportunity to revisit the estimated P725 billion ($13 billion) pledges that were made during his visit to Japan last February .
The President said the new MOUs and the previous pledges amount to P771.6 billion or $14 billion that could generate 40,000 jobs in the areas from semi-conductors, healthcare to infrastructure and agriculture, among others.
“Your interest in doing business with us will surely help achieve mutual economic growth between the Philippines and Japan…Many of these projects that investments that they’re bringing in are not only for the Philippine market, they are also for foreign markets that will also improve our external balance and payments,” Marcos said.
Go said around P169 billion of the pledged investments from February have materialized.
The deals included those between the Bases Conversion and Development Authority (BCDA) and Japan Overseas Infrastructure Investment Corp. for Transport and Urban Development, which will collaborate on studies relevant to the development of the New Clark City; the BCDA partnership with Manila Japanese School for the school’s renewal of its lease in four-hectare site at the Bonifacio Global City for another 25 years; and the Ibiden Co. Ltd and Japan Aviation Electronics Industry Ltd., investments on in electronics manufacturing to improve efficiency and increase production by modernizing their Philippine facilities.
Other foreign direct investments include those from Medley Inc., Minebea Mitsumi Inc., Nitori Holdings Co. Ltd and Tsuneishi Shipbuilding Co. Ltd. Who are investing on business process outsourcing operation, expansion of furniture and home furnishing chain, and production improvement and replacement of aging Philippine facilities; and the DMCI Project Developers Inc. joint venture with Japan’s Marubeni Corp. for property development.
Decarbonization
Meanwhile, at the Asia Zero Emission Community (AZEC) Leaders’ Meeting held at the sidelines of the summit , the Philippines committed to adopt measures towards decarbonization
The President called for a swift and inclusive shift towards clean energy to help address climate change and invited the forum’s participants to invest in the Philippines’ renewables and emerging technologies as he underscored the importance of collaboration in achieving AZEC and Paris Agreement goals.
A roadmap that aims to provide a diverse and realistic decarbonization effort, taking into account the unique circumstances of each country, was presented.
The Japanese government for its part aims to achieve both economic growth and decarbonization in Asia by using and sharing its knowledge of renewable energy and energy conservation as well as its technology for generating electricity by mixing hydrogen and ammonia with fuel. The electricity mix does not emit carbon dioxide when burned.
Japan and the Asean leaders, in a joint statement, meanwhile, emphasized the need for bio-derived biomass power generation and the use of small modular reactors, which are considered safer than conventional nuclear power plants, was also presented.
Collaboration
In a related development, Trade Secretary Alfredo Pascual highlighted at the Creative and Sustainable Economy Through Innovation event at the Imperial Hotel Tokyo on December 18 ongoing collaborations between Filipino and Japanese companies in four pioneering projects – on game development, food, textiles, and fashion design.
The collaboration between Neun Farben and Tsuburaya Productions showcases breakthrough technology in recreating Japanese characters as three-dimensional models.
Pascual cited the partnership between Auro Chocolate, a premiere Filipino tree-to-bar chocolate brand, and Ikeda Senchado, a Japanese heritage brand of 10th-grade tea master Kenta Ikeda.
Pascual also commended Japan’s eco-friendly Banana Cloth initiatives, boosting the Philippines as a producer and exporter of bananas, transforming peel into fabric for contemporary clothing.
Pascual also cited Manila Fashion Festival, a joint venture between the Go Lifestyle Group and STYLEM Takisada-Osaka Co. Ltd.
