MANILA, Philippines - Japanese conglomerate Marubeni Corp. has committed to invest over $17 billion in the Philippines, Trade Secretary Ramon Lopez said.
Lopez said the deal was not part of the business agreement signings in Japan, as it was a verbal commitment made by Marubeni during a courtesy call to President Rodrigo Duterte in Tokyo last week.
“Of course, this will not be in one lump sum, it will be invested over the years,” Lopez said.
Based on Marubeni’s commitment, the Japanese giant intends to be involved in $3.2 billion worth of projects over the short term and $14 billion more over the medium to long term.
The conglomerate is looking at investing in mass transport systems, roads and highways, and water and power.
During Duterte’s state visit to Japan last week, a total 12 business agreements worth $1.8 billion were signed between the Philippines and Japan.
The deals were composed of seven letters of intent and five memoranda of understanding which together would generate around 250,000 jobs to Filipinos, Lopez said.
Marubeni’s local unit in the Philippines currently has joint ventures and investments in various industries such as telecommunications, information technology, power, agriculture, transportation, and construction.