Local private businesses have secured commitments from Japanese partners to invest more in the Philippines.
These are the $600-million commitment of Mitsui & Co. through the MVP Group of business tycoon Manuel V. Pangilinan and the P4.4-billion expansion of Toyota Motor Co. through its unit, Ty-controlled Toyota Motor Philippines Corp.
The Presidential Communications Office (PCO) said in a statement yesterday Mitsui has signed an agreement with MVP Group for investments in infrastructure development, particularly in agriculture, digital infrastructure and renewable energy.
Mitsui, in signing its agreement with the MVP Group, said it will continue “exploring the possibility of further collaboration with the Philippines in business areas of mutual interest.”
Alfredo Pascual, secretary of the Department of Trade and Industry (DTI) said TMP, plans to bring back its popular Tamaraw model to the Philippine market.
“That one is progressing well… they probably have started the final plans to make the investments,” he said of Toyota’s plans.
Executives of Toyota called on Marcos last Friday and revealed plans.
“It is very interesting to hear your new plans for the Philippines and it’s very much in alignment with what we’re trying to do… we are hoping we are able to improve the situation for your supplier to be able to come in to the ease of doing business,” the President said.
Marcos told the executives the Philippine government is also looking at acquiring the Mini-Cruiser from Toyota for use of the military. – Jocelyn Montemayor
