Home | Money Matters | PH, Japan sign fresh $6b biz deals, DTI chief says
President Rodrigo Roa Duterte and Japan Prime Minister Shinzo Abe shake hands after delivering their joint agreement back in 2017. (PNA FIle Photo)

PH, Japan sign fresh $6b biz deals, DTI chief says

Philippines and Japan signed fresh business deals worth USD6 billion following the visit of President Rodrigo Duterte to Tokyo from Oct. 29 to 31, Trade Secretary Ramon Lopez shared to Manila-based reporters in a text message.

In a text message to reporters, Lopez, who accompanied Pres. Duterte in his second visit to Japan, said these commitments came from 18 business deals involving new investments and joint ventures between Manila and Tokyo.

“PRRD met several Japanese companies and witnessed several business-to-business memoranda of understanding and letters of intent on investment plans, joint ventures, and expansion of operations in the Philippines,” he said.

“All these show confidence on President Duterte’s administration,” Lopez noted.

Six companies presented their letters of intent to Lopez including Marubeni Corp., Itochu Corp., Sumitomo Metal Mining Co., Ltd., Teihiyo Cement Corp., Tsuneishi Shipbuilding Co., Ltd., Japan Tobacco, Inc., and Lawson Inc.

Tokyo Gas Co., Ltd., also submitted their LOI of doing business in Philippines to Lopez and Energy Secretary Alfonso Cusi, while Finance Secretary Carlos Dominguez III received the LOI of Japan Tobaco, Inc.

During the first visit of President Duterte in Tokyo last year, the Philippines and Japan signed financial deals reaching USD19 billion.

Moreover, Lopez also had bilateral meeting with Japanese Trade and Industry Ministers Hiroshige Seko, in which they had discussions on boosting economic ties between the Philippines and Japan.

“[We] discussed improving market access and lowering tariff for our agricultural products such banana, pineapple, and mango,” he said, adding that they also had talks on Industrial Cooperation Dialogue as well as expanding supply chain of Japanese companies in the country and partner with Filipino small and medium enterprises.

Lopez added that the Philippines, as chairman of this year’s ASEAN Summit, has secured Japan’s support to reach substantial conclusion of the ASEAN-led Regional Comprehensive Economic Partnership. (PNA)



About mindanao goldstar daily

mindanao goldstar daily
TREND MAKER. Mindanao Gold Star Daily was established in 1989 to set ablaze a new meaning & flame to the local newspaper business. Throughout the years it continued its focus and interest in the rural areas & pioneered the growth of countryside journalism.

Check Also

Group chooses power firm’s ‘Cleanergy’ anew

Before “green” development became trendy, The Net Group (TNG) has long been leading the way, ...

DISCLAIMER: We welcome fiery exchanges but we do not tolerate ad hominem attacks, casting criminal and false aspersion on our reporters and opinion writers. We reserve the right to delete, reproduce or modify comments posted on our website without prior notice.

POSTING RULES: Do not use obscenity. Stick to the topic discussed. Do not veer away from the discussion and be respectful at all times. Do not use CAPITAL LETTERS as this means shouting in the thread.

Leave a Reply

Your email address will not be published. Required fields are marked *