Marcos back with P266.3-B Japan pledges
President Marcos returned from a “very constructive and highly productive” four-day state visit to Japan, a trip that he said resulted in P266.3 billion in new and expanded investment pledges.
“It was an opportune moment not only to reflect on seven decades of friendship, but more importantly, to chart the future of our partnership,” he said in a media briefing in Tokyo before the flight to Manila.
During the President’s state call with Emperor Naruhito and Empress Masako at the Imperial Palace, Mr. Marcos said they have reaffirmed the enduring friendship and goodwill between Filipinos and the Japanese people.
Strategic Partnership
During their summit, the President and Prime Minister Takaichi Sanae agreed to elevate their countries’ relationship to a Comprehensive Strategic Partnership.
“This reflects how our cooperation has grown not only stronger but also deeper and broader, not only across the traditional areas of security, maritime and defense cooperation and trade and investment but also across new frontiers critical to our future, such as energy security, supply chain resilience, decarbonization, artificial intelligence and space cooperation,” the President said.
The two governments also signed a new agreement on the avoidance of double taxation, which will enhance the business environment and encourage greater investment.
“We also signed agreements in agriculture and fisheries, improving equitable access to quality health services and human resource development,” Mr. Marcos said.
The commencement of negotiations for a General Security of Military Information Agreement and maritime boundary delimitation was also agreed upon by both leaders.
‘Investment hub in Asia’
Aside from these agreements, Mr. Marcos will bring home with him US$3.4 billion or P210 billion in combined investment pledges, pipeline opportunities, financial support facilities and tourism flagship investment prospects.
Major Japanese companies Furukawa Electric Corporation, Sumitomo Electric Industries, MinebeaMitsumi Inc. and Tsuneishi Group Corporation also committed to investing P56.3 billion in the semiconductor, advanced electronics, precision manufacturing and shipbuilding industries.
The shipbuilding agreement with Tsuneishi Group involves the construction of the world’s first methanol dual-fueled Kamsarmax bulk carrier in Cebu, creating jobs and positioning the Philippines as a leader in the sustainable maritime industry.
A Kamsarmax carrier is a large dry bulk vessel that is larger than Panamax vessels but smaller than Capesize vessels, offering a balance between cargo volume and port accessibility.
The President also spoke of a clean energy project with Ecology Systems Corp. and Kanadevia Corp. on a waste-to-energy project aimed at managing waste while generating clean energy.
He also reported on new cooperation paths with the Japan Aerospace Exploration Agency to utilize space technology for enhancing disaster monitoring, supporting farmers and strengthening community safety.
These investments are expected to generate around 10,300 additional direct and indirect jobs for Filipinos.
