Marcos’ Japan trip gets around P500 billion worth of investment pledges — DTI
MANILA, Philippines — The Philippine government acquired investment pledges worth $10 billion or around P550 billion during President Ferdinand “Bongbong” Marcos Jr.’s visit to Japan, according to the Department of Trade and Industry’s (DTI) tracking as of Saturday.
Marcos is in Japan to boost the Philippines’ economic and political ties with the nation.
READ: Marcos starts 5-day official visit to Japan
“In connection with the President’s Japan visit, the [DTI] reported it is tracking investment pledges of about $10 billion or around P500 billion to P550 billion,” said the Presidential Communications Office (PCO).
The International Chamber of Commerce Philippines (ICCPhil) Director General Jesus Varela foresees the “diversification of Japanese business” in the country.
Varela said that Japan already has a strong presence in the Philippines in the form of official development assistance, as well as Japanese companies engaging in the fields of mining, steel, car manufacturing, information technology, infrastructure, energy, manpower, and training.
According to the ICCPhil official, participation with global economies and Marcos’ “friend to all and an enemy to none” policy have been beneficial for the Philippines.
“A sustained engagement with global economies definitely, you know, will reap the harvest for the Filipino,” Varela said.
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