Japan trip nets Philippines $600-M infrastructure investment pledge
MANILA, Philippines — The Philippines received a $600-million investment pledge to support its infrastructure projects from Filipino and Japanese investors.
Filipino business mogul Manuel V. Pangilinan and Mitsui & Co. are some of the investors named. A Philippine delegation, led by President Ferdinand “Bongbong” Marcos Jr., is wrapping up their five-day official working visit in Japan.
"We signed an agreement with Mitsui and several parties and management to commit to invest $600 million in infrastructure," Pangilinan, who is part of the country’s large business delegation, said.
Mitsui is also interested in investing in the Philippines’ agriculture, renewable energy, and digital transformation plans.
Details of how the $600-million investment pledge would be spent when realized are not yet available.
Aside from this, Philippine business firms also bagged 35 other investment deals from Japanese companies during the trip.
Last week, the Philippines touted seven key deals it bagged from its Japan trip, which include agreements and cooperation opportunities in humanitarian assistance, infrasructure development, and agriculture. The agreements signed by Manila with Tokyo are:
- Exchange of Notes on Japanese Official Development Project: North-South Commuter Railway Extension (NSCR) Project (II)
- Exchange of Notes on Japanese Official Development Project: NSCR – Malolos to Tutuban Project (II)
- Loan Agreement for the NSCR Extension Project (II)
- Loan Agreement for the NSCR – Malolos to Tutuban Project (II)
- Umbrella Terms of Reference (TOR) on Humanitarian Assistance and Disaster Relief (HADR) Cooperation.
- Memorandum of cooperation (MOC) between the Department of Agriculture (DA) and Ministry of Agriculture, Forestry and Fisheries on Agriculture Cooperation
- MOC in the Field of Information and Communications Technology
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“We can point to so many of the developments that happened in the Philippines with the assistance of the different Japanese funding agencies and government-to-government arrangements, the commercial arrangements — and these have been to the benefit of both our countries,” Marcos Jr. said.
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