BY JOCELYN MONTEMAYOR and ASHZEL HACHERO
PRESIDENT Marcos Jr. is set to leave today for an official visit to Japan, wit the aim of strengthening defense, security, political, economic, and people-to-people ties between the two nations.
The visit will yield about P150 billion in investment pledges that could generate around 8,000 jobs for Filipinos, Ambassador to Japan Mylene Garcia-Albano said yesterday.
Albano said the President will meet with top Japanese businessmen during his working visit which will be until February 12.
Albano said Marcos Jr. will also discuss with Japanese businessmen reforms being implemented in the Philippines to pave the way for a more investment-friendly climate.
“In the President’s visit to Japan, we are expecting that substantial returns in terms of new projects, the value of which we currently estimate at P150 billion and we estimate too these will generate employment for 8,000 Filipinos,” Albano told ABS-CBN News Channel.
She said among the top business executives Marcos will meet are from the field of semiconductors, electronics, printing, wiring harness manufacturing, and shipping.
“These sectors comprise the bulk of our industrial relations with Japan,” she said.
The President’s official delegation will include around 150 representatives from the business community and private sector.
Earlier, the Department of Foreign Affairs said seven agreements would be signed during Marcos’ Tokyo visit.
These agreements include $3 billion in infrastructure loan agreements for the North-South Commuter Railway and its extension; agreement on information and communications technology; memorandum of cooperation on agriculture, which the DFA hopes will boost farm exports and better access for Philippine agricultural projects to the Japanese market; and on humanitarian assistance and disaster relief.
Malacañang said a “large business delegation” will join the President in Japan, aside from First Lady Louise “Lisa” Marcos, former president and now Pampanga Rep. Gloria Macapagal-Arroyo, Senate President Juan Miguel Zubiri, Speaker Martin Romualdez, Foreign Affairs Secretary Enrique Manalo, Finance Secretary Benjamin Diokno, Trade Secretary Alfredo Pascual, Energy Secretary Rafael Lotilla, Tourism Secretary Cristina Frasco, Presidential Communications Secretary Cheloy Garafil, and Special Assistant to the President Antonio Lagdameo Jr.
The President will have a meeting with Japanese Prime Minister Fumio Kishida, an audience with Emperor Naruhito and Empress Masako, a meeting with the Filipino community, and “roundtable” business meetings including a meeting with the leaders of Japanese shipping companies and associations.
It will be Marcos’ third trip abroad this year and his 10th since becoming president last year.
Japan has been Manila’s top source of Official Development Assistance over the last 20 years, accounting for $14.139 billion worth of loans, or around 72 percent of the total foreign aid portfolio.
Since 1995, almost 900 Japanese enterprises have poured in P739 billion in investments in the country’s economic zones.
From January to September 2022 alone, more than P11 billion in investments were made by Japanese enterprises in these economic zones, with $13.258 billion of export income generated and 351,335 direct jobs created, data from the Department of Trade and Industry said.
