PHL, Japan sign almost P300-B business agreements, letters of intent

News

A total of 26 business agreements and letters of intent worth P288.894 billion were signed between Filipino and Japanese businessmen during the visit of President Rodrigo Roa Duterte in Japan, the Department of Trade and Industry reported on Wednesday.

Trade Secretary Ramon Lopez said the agreements are seen to generate 82,737 jobs in the Philippines.

Signed agreements include Memorandum of Understanding (MOU) between the Department of Trade and Industry and Japan External Trade Organization, MOU between the Philippines’ EMS Group and Japan’s Tescom Denki Co. Ltd. and Outsourcing, Inc., and MOU between the Philippines’ Advanced World Systems, Inc. and Alsons/AWS Information Systems, Inc. and Japan’s Ubicom Holdings Inc.

Other agreements include Joint Venture Agreement between Bases Conversion and Development Authority and Meralco Marubeni Consortium, Master Franchise Agreement for Dohtonbori Okonomiyaki restaurant, Franchise Agreement for Karayama outlets, and MOU between the Philippines’ Asia Defense and Armament Corp. and Diversified Ecozone Corp. and Japan’s Kenko Tokina Co. Ltd.

Japanese companies inking Letters of Intent include Toyota Motor Corp., Murata Manufacturing Co. Ltd., Aeon Fantasy Co. Ltd., Sojitz Corp. (Sojitz FUSO Truck), Sojitz Corp. (Bakery Project), Sojitz Corp. (Industrial Estate Project), JACCS Co. Ltd., Terumo Corp., Ibiden Co. Ltd., Sumitomo Electric Industries Ltd., Mitsui & Co. Ltd., and Marubeni Corp.

Furukawa Electric Co. Ltd., Lawson Inc., Japan Marine United Corp., Canon Inc., Nidec Corp., Mitsubishi Motors Corp., and Tokyo Gas also signed Letters of Intent.

President Rodrigo Roa Duterte, during the signing of the business agreements at the Imperial Hotel here, promised a “competitive and corruption-free business climate” in the Philippines.

“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, however big—I can assure you that if there’s any complaint regarding hindrances, obstruction, or outright corruption, let me know,” the President told the businessmen.

He also invited Japanese investors to join the country’s ambitious Build Build Build infrastructure development program. PND