5 business deals to be signed in Tokyo
By Nidz Godino
"More than five definitely," Trade Secretary Alfredo Pascual said when asked how many business deals would be inked during President Ferdinand Marcos Jr.'s visit in Tokyo, Japan.
More than five business deals with Japanese firms are expected to be signed on sidelines of Association of Southeast Asian Nations (ASEAN)-Japan Commemorative Summit.
Pascual, member of Philippine delegation to summit, said signing of memoranda of understanding (MOU) indicates seriousness of business groups in investing in the country.
"It's their expression of interest to invest in the Philippines, expression of Japanese companies…some are MOUs between Philippine companies and Japanese companies. I don't want to discuss details of this…maybe we'll talk about it later," he added.
But at press briefing, Foreign Affairs Assistant Secretary Daniel Espiritu said new agreements to be signed include those involving creative and information technology sectors.
Pascual said government is inviting foreign investors to operate in the Philippines so they could create higher quality and better paying jobs.
"It's part of present policy of administration… inviting foreign investors to come to the country… Japanese investments are most welcome… among largest investors in the Philippines, among all nationalities that have operations in the country," he said.
FMJ is in Japan to attend summit. This was his second visit to Tokyo and his 19th overseas trip since becoming president in 2022.
Philippines' total trade with Japan amounted to $23.49 billion last year, 10.9 percent higher than $21.83 billion in 2021, government data showed.
Japan is also second largest trading partner of the Philippines in 2022. Priority sectors for investment promotion to Japan include manufacturing, information technology-business process management, electronic design services, public-private partnership projects, agribusiness and aquaculture, according to the Presidential Communications Office.
Japan was second export destination and third import source of the Philippines in 2022 and its largest source of official development assistance as of June 2023.
Responding to critics of Marcos' visit, Pascual said there are investments that materialize even if they are not among pledges made during President's trips.
"While at end of each trip, we announce certain investment leads, in reality, there are more happening outside those in our lists. We run economic briefings and we, in the process, explain what we have to offer in the country, and attendees are those who are interested to hear, but have not made any expression of interest or commitment to invest, number of them, surely, are convinced during discussion and once they have verified their research, they will come in our list of investment leads... if you notice, approvals being made by BOI ,Board of Investments and PEZA ,Philippine Economic Zone Authority are not limited to companies or investments that are in list of presidential visits," trade chief said.
He explained idea of investment promotion is not just about signing MOUs or receiving letters of intent but "inviting broader audience" to take look at Philippines and decide for themselves how their investments could have strong potential in the country.
"There are more and there will be more beyond those that have actually expressed their interest at the time we are in particular country," he added.
For Speaker Martin Romualdez, President's trip to Japan is vital to security, peace and progress in the Philippines and in entire ASEAN region.
"President Marcos' presence at this landmark event is powerful symbol of Philippines' unwavering commitment to strengthening its ties with Japan and further elevating our collective partnership within ASEAN bloc," he said in statement.
He added summit "presents unique opportunity to not only celebrate past achievements but also chart brighter, more prosperous future for our region."
Romualdez, part of the President's official delegation, is hopeful that Chief Executive would play key role in advancing crucial discussions on key regional issues, including enhanced Japan-Philippines economic cooperation.
He said Marcos' giving priority to infrastructure development, renewable energy and digital transformation aligns perfectly with Japan's "expertise and strategic investments in the region."
"Our shared history, cultural ties and common aspirations for peaceful and prosperous region form strong foundation for this partnership," he maintained.
The Speaker added summit carries "immense potential" to redefine ASEAN-Japan relationship and usher in new era of progress and prosperity for all.
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