PHL, Japan firms ink P288-billion business deals.
These agreements that were signed in Tokyo on Wednesday- as President Duterte arrived for a four-day working visit-are expected to generate more than 82,000 jobs.
Out of 26 accords, there were 19 letters of intent signed by Trade Secretary Ramon Lopez and officials from Japanese firms.
Broken down, the seven other deals were composed of three memoranda of understanding, two franchise agreements, one memorandum of cooperation and one joint-venture agreement.
Duterte, who is in Tokyo to attend the 25th Nikkei Conference on the Future of Asia starting today (Thursday) until Friday, also expressed his gratitude to the Japanese businessmen for choosing to do business in the Philippines.
'I understand that some of you have signed business deals ahead for this event and I thank you. It is a vote of economic confidence in the Philippines's bright prospects,' Duterte said in a speech during a business forum on Wednesday.
Duterte also invited Japanese investors to take part in the country's massive infrastructure push, the 'Build, Build, Build' program as he gave them the assurance that the country's historic credit rating and efforts of the Duterte administration to stamp out corruption is to make the Philippines a safe haven for foreign investments.
'With our sound macroeconomic policies and outgoing reforms, we guarantee a competitive and corruption-free, and I repeat, a competitive and corruption-free business climate...,' Duterte said. 'I am pleased to note that Standard and Poor's has upgraded the country's economic rating to BBB+ with a positive outlook. This is the highest rating in our history and is only a notch below the credit rating of A. Given all these, your investments are assured of protection and gains, I guarantee.'
The President also vowed to lend all ears to every Japanese investor whether big or small, and help them if there is any obstruction as they do business in the country.
'May I just assure you that during my time, I said there will be no corruption and every Japanese investor in my country, however small or however big, I can assure you that if there is any complaint regarding hindrances, obstruction or outright corruption, let me know. I will give you at any hour, day or night, you can contact any cabinet member or your Filipino lawyers or Filipino work force, and you can ask for an audience with me in 24 hours and talk to me and just let me know what your problem is and we will kill that problem,' he said.
The President is also expected to attend a Filipino community meeting and deliver a keynote address on the second day of the Nikkei conference.
He is also scheduled to have a bilateral meeting with Japan Prime Minister Shinzo Abe.
Japan has been one of the crucial partners of the Philippines in terms of economic
It has been the top source of official development assistance (ODA) loans to the country aside from being the country's second-biggest trading partner and fourth largest tourism market.
Meanwhile, the 26 deals signed in Tokyo are:
1) Memorandum of Cooperation between the Department of Trade and Industry (DTI) and Japan External Trade Organization (Jetro), to enhance bilateral cooperation on investment promotion activities between the Philippines and Japan.
2) Memorandum of Understanding between the Philippines's EMS Group and Japan's Tescom Denki Co. Ltd. and Outsourcing Inc., to cover skills training and human resource development and deployment, manufacturing and assembly.
3) Memorandum of Understanding between Advanced World Systems Inc. Alsons/AWS Information Systems Inc. and Ubicom Holdings Inc., covering the outsourcing of projects involving software development, testing and maintenance.
4) Joint Venture Agreement between the Bases Conversion and Development Authority and Meralco Marubeni Consortium, involving the financing, design, engineering, establishment, construction, development and operation and maintenance of the electric power distribution system in New Clark City.
5) Master Franchise Agreement entailing the grant of development rights for the 'Dohtonbori Okonomiyaki' restaurant business within the Philippines.
6) Franchise Agreement for the grant of license to open and operate Karayama outlets within the Philippines.
7) Memorandum of Understanding between Asia Defense and Armament Corp., Kenko Tokina Co. Ltd. and Diversified Ecozone Corp. This is to establish a manufacturing facility in the Philippines for optics equipment, injection molded holsters, and related equipment to supply customized equipment for the AFP, PNP, and other defense units of the Philippine Government.
8) Letter of Intent involving Toyota Motor Corp.'s additional investments for further parts localization under the CARS Program, including side member panels, radiator assy, fan assy with motor, and FR axle assy.
9) Letter of Intent involving Murata Manufacturing Co. Ltd. to expand the manufacturing capacity of the Philippine Manufacturing Co. of Murata Inc. (PMM) to service demands of existing customers, accommodate new customers, and anticipate increase in sales of multilayer ceramic capacitors.
10) Letter of Intent involving Aeon Fantasy Co. Ltd. to increase investments in the country for indoor theme parks and amusement facilities through the local subsidiary.
11) Letter of Intent of Sojitz Corp. (Sojitz FUSO Truck) to expand investments in the distribution of FUSO truck and bus products through the local subsidiary.
12) Letter of Intent of Sojitz Corp. to invest in a bakery company (Nippon Premium Bakery Inc.) and the upstream business through flour milling and other ancillary services.
13) Letter of Intent of Sojitz Corp. for the codevelopment of a general industrial park.
14) Letter of Intent of JACCS Co. Ltd. to invest in the credit and finance business by extending credit facilities to individual and corporate buyers.
15) Letter of Intent of Terumo Corp. to expand investments in manufacturing, selling, and
exporting medical devices (disposable syringes, needles, safety-needles, IV catheters, and urinary drainage bags) and the development of new products and new technologies in sterilization capability and eco- and smart factories.
16) Letter of Intent of Ibiden Co. Ltd. to expand existing investments in the manufacture of Flip Chip Ball Grid Array (FC-BGA) products, as well as capacity to cater to new drivers of growth such as artificial intelligence and establishment of data centers.
17) Letter of Intent of Sumitomo Electric Industries Ltd. to build a new facility for wiring harness and related products for export to Japan and North America.
18) Letter of Intent of Mitsui and Co. Ltd. to develop the Philippine automotive industry through a local partner (GT Capital Holdings Inc.)
19) Letter of Intent of Marubeni Corp. to develop possible new and existing infrastructure projects in energy development, New Clark City, railways, and water services.
20) Letter of Intent of Furukawa Electric Co. Ltd. to expand the production capacity of the local wholly-owned center for wire harnesses.
21) Letter of Intent of Lawson Inc. to expand investments through the opening of additional convenience stores.
22) Letter of Intent of Japan Marine United Corp. and Marubeni Corp. to develop the country's maritime safety capability by providing maritime expertise, including but not limited to the service of design and construction of ships.
23) Letter of Intent of Canon Inc. to expand existing investments in the Philippines for monochrome laser beam printers, including service parts, packaging materials, and optional products.
24) Letter of Intent of Nidec Corp. to expand current investments in the Philippines as manufacturer of hard disk drives, spindle motors, and related parts.
25) Letter of Intent of Mitsubishi Motors Corp. to expand current investment to support local production of completed vehicles.
26) Letter of Intent of Tokyo Gas to create an inter-island liquefied natural gas (LNG) distribution network to serve new markets for natural gas in the Philippines.
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|Publication:||Business Mirror (Makati City, Philippines)|
|Date:||May 30, 2019|
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