Realized Japanese investment pledges tallied at P169.7 billion so far, DTI says

THE Department of Trade and Industry (DTI) said on Tuesday that actual investments generated from the 34 Japanese letters of intent signed in February have amounted to P169.7 billion so far.

“Further, these investments indicate that about 9,700 jobs have been created for the country based on reports,” the department said in a statement.

President Ferdinand R. Marcos, Jr. visited Tokyo in February and secured 34 letters of intent and agreements amounting to P757.1 billion.

“These investment leads are expected to deliver benefits such as job creation, technology transfer, industry development, and export growth to the economy,” the DTI said.

Additionally, P14.5 billion worth of investment pledges were made at a recent business event organized by the DTI in Tokyo while Mr. Marcos was there over the weekend, according to initial estimates.

The newly signed agreements and pledge updates are expected to generate a total of 15,750 jobs.

The latest visit brings total investment commitments from Japanese investors to P771.6 billion since February.

“These investments are anticipated to create around 40,200 jobs, highlighting the steadfast efforts of the Philippine government to attract foreign investment,” the DTI said.

According to Trade Secretary Alfredo E. Pascual, the new investment pledges are in electronics, automotive parts and electric vehicles, business process management and software development, retail, infrastructure design, cement, light industry, and shipbuilding. — Justine Irish D. Tabile