Japan investment pledges to create 40,000 jobs

MANILA, Philippines — Over 40,000 jobs are expected to be generated from the P771.6 billion worth of investment pledges that President Marcos secured from Japanese investors during his Japan trip, Speaker Martin Romualdez announced yesterday.

“President Marcos has proven himself a champion for economic growth and jobs creation. These investment pledges secured in Japan are a testament to the international community’s confidence in the Philippines’ future under his leadership,” Romualdez said.

Taken together with the letters of intent signed last February and nine agreements inked on Monday, Malacañang said investment commitments from Japanese investors totaled $14 billion or P771.6 billion.

“The promised over 40,000 jobs are not just numbers. They represent families lifted out of poverty, brighter future for the youth and a stronger middle class. His dedication to attracting foreign investments translates directly into improved livelihood for our countrymen,” Romualdez said.

Marcos reported the signing of new agreements and investment pledges worth P14.5 billion in the Department of Trade and Industry-led business event on the sidelines of the ASEAN-Japan Commemorative Summit in Tokyo.

Malacañang also reported P169 billion worth of investments signed with Japanese investors in February.                                     

Romualdez pledged the full support of the House of Representatives in the administration’s efforts to create a more investor-friendly environment in the Philippines, not only for Japanese but also for other foreign businesses.

“The inputs and suggestions we personally hear from potential investors during these trips would be invaluable in crafting laws meant to address the issues they have raised to ensure that these investment pledges would come to fruition and create jobs for thousands of Filipinos,” he said.

Romualdez earlier said the House would push for amendments to the restrictive economic provisions of the 1987 Constitution to further open the country’s doors to foreign investments.