MANILA — President Ferdinand R. Marcos Jr.’s official visit to Japan is poised to be a catalyst for economic collaboration, as Trade Secretary Alfredo Pascual announced that a minimum of five business deals and memoranda of understanding (MOUs) are scheduled for signing on December 18.
Speaking during a media interview in Tokyo, Secretary Pascual revealed that these agreements signify both Japanese companies’ expressions of interest to invest in the Philippines and mutual MOUs between Philippine and Japanese entities.
While specific details were not disclosed, Pascual emphasized the substantial nature of these commitments, underlining Japan’s confidence in the Philippines and its earnest plans for significant investments.
“These agreements align with the present administration’s policy of welcoming foreign investors, and Japanese businesses have been among the foremost contributors to the Philippine economy,” Pascual noted, acknowledging Japan’s pivotal role as one of the country’s largest investors.
President Marcos embarked on this diplomatic journey to Japan as part of the 50th Association of the Southeast Asian Nations (ASEAN) – Japan Friendship and Cooperation Commemorative Summit.
Japan, one of the Philippines’ three strategic partners, boasts 264 bilateral agreements with the country, spanning defense equipment and technology transfer, infrastructure development, and initiatives in Mindanao.
The robust economic ties between the two nations are underscored by Japan’s position as the Philippines’ second-largest trading partner in 2022, with a total trade volume of USD23.49 billion—a notable 10.9 percent increase from 2021.
Furthermore, Japan leads in providing Official Development Assistance, contributing a substantial 40.49 percent (USD12,923.99 million) to the Philippines’ total portfolio.
As the second-largest source of grant assistance, Japan’s support accounts for 28.93 percent (USD577.72 million) of the total grants’ portfolio, reflecting a deepening partnership between the two countries.
(ai/mnm)
